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Cre Finance Update DEVE LPittsburghOPINGFall 2013 CRE FINANCE UPDATE 2013 BUYER’S GUIDE MID-YEAR MARKET UPDATES SOME ADVICE FOR THE NEXT MAYOR Highest and Best Use...SM opportunities and constraints strategically transformed CEC uses informed analysis to identify and harness the potential of each site’s unique conditions, creatively enhancing value while delivering a conscientious integrated design. CEC’s diverse consulting services for the commercial, institutional, educational, retail, industrial and residential real estate markets are utilized by owners, facility managers, developers, architects and contractors at all points in a property’s life cycle. Rendering Courtesy of PNC Realty Services and Gensler Architects S e r v i c e s ► Site Selection / Due Diligence ► Land Survey ► Landscape Architecture ► Civil Engineering Services ► Geotechnical Engineering ► Construction Phase Services ► Building / Site Operation & Maintenance E x p e r t i s e ► Acquisition ► Development ► Management ► Redevelopment Civil & Environmental Consultants, Inc. www.cecinc.com | 800.365.2324 setting the performance standard for problem solving Photo by Massery Photography Burchick Construction is a performance-driven provider of quality construction and construction management services. Our dynamic approach to management made the difference to BNY Mellon when it needed to strip and repaint the complete exterior of the 54-story BNY Mellon Center in 18 months during constantly changing weather conditions. Call us today. One Call. One Source. Complete Satisfaction. Burchick Construction Company, Inc. • 500 Lowries Run Road • Pittsburgh, Pennsylvania 15237 Telephone: 412.369.9700 • Fax: 412.369.9991 • www.burchick.com | Fall 2013 CONTE NTS 05 President's Perspective 23 Development Project ANSYS/Zenith Ridge at Southpointe II 37 Developer Profile Imperial Land Corporation 06 Commercial Real Estate Finance Update As the economy and fundamentals for commercial real estate continue to improve, Eye On the Economy the big question is: Are lenders ready to finance expansion again? 42 44 Office Market Update Grant Street Associates 46 Industrial Market Update Newmark Grubb Knight Frank 50 Retail Market Update Langholz Wilson Ellis 37 Developing Trend 54 National Market Update CBRE Bus Rapid Transit could be the Oakland-to-Downtown solution. 59 Legal / Legislative Outlook 65 Benchmarks Revisions to the Mechanics Lien law would give owners more certainty. Retiring Greater Pittsburgh Chamber of Commerce president Barbara McNees reflects on a career in economic 69 Voices development and the changes that have Developing Leaders offer a suggestion to taken place in the Pittsburgh region. Pittsburgh’s next mayor. 73 New from the Counties 2013 Buyer’s Guide 83 People & Events 86 Buyer’s Guide The 2013 NAIOP Buyer’s Guide puts contacts for designers, engineers, contractors and lenders in one easy-to-use resource. www.developingpittsburgh.com 3 CBRE Lights Up Pittsburgh MANAGING AND/OR LEASING PITTSBURGH’S PREMIER OFFICE BUILDINGS #1 IN REAL ESTATE SERVICES WORLDWIDE @CBREpittsburgh T 412.471.9500 | cbre.com/pittsburgh CBRE Ad_Lights Up Pittsburgh_Fall 2013 DevelopingPittsburgh.indd 1 8/5/2013 1:04:52 PM President’s Perspective PUBLISHER Tall Timber Group t’s a great time to be Finally, our NAIOP Pittsburgh members www.talltimbergroup.com in commercial real enjoy two of the best annual network- estate in Pittsburgh. ing events in the city: Night at the EDITOR We have one of Fights and our Annual Awards Dinner. Jeff Burd the best overall real We continually explore other ideas to 412-366-1857 estate markets in the create additional value for our mem- [email protected] country and,I by all accounts, it will only bers. To that end, we will be rolling get better. It’s also a great time to be a out a new networking and information PRODUCTION member of NAIOP Pittsburgh. We too event this fall to provide Pittsburgh’s Carson Publishing, Inc. are enjoying success as demonstrated real estate community with the “NAIOP Kevin J. Gordon by our membership, which has reached Commercial Real Estate Summit”. We [email protected] the highest level in chapter history. This plan to bring the regional leaders in our additional bench strength allows us to business – those who are on the front ART DIRECTOR/GRAPHIC DESIGN expand our committee membership and lines every day – to share their observa- Carson Publishing, Inc. further advance our core values of lead- tions and predictions about the future Jaimee D. Greenawalt ership, education and advocacy. of our market here in Pittsburgh. Again, look for more information in a month CONTRIBUTING PHOTOGRAPHY Our efforts in advocacy have resulted in or so. Carson Publishing, Inc. many key development initiatives – like Port Authority of Allegheny County the addition of the ramps at I-79 and Enjoy this edition of DevelopingPitts- Pittsburgh Regional Alliance I-376, as an example. More recent advo- burgh. The focus of the magazine is The Greater Cleveland Regional cacy efforts include changes to amend commercial real estate finance, an Transit Authority the Pennsylvania Mechanics Lien laws. industry near and dear to me, but also Our dedication to education includes includes current market data and input CONTRIBUTING EDITORS our popular and informative chapter from the 10-county region that makes Anna Burd meetings which provide timely and rel- up the Pittsburgh market. It’s one more evant monthly informational programs of NAIOP Pittsburgh’s continued efforts ADVERTISING SALES that are second to none. to keep our members informed. Please Karen Kukish consider your willingness to participate 412-837-6971 A goal that I have for my presidency in the mentoring program. Also, visit [email protected] is to further our leadership efforts by the NAIOP website (www.naioppitts- rolling out a mentoring program for burgh.com) and look for notes from us MORE INFORMATION: our chapter’s Developing Leaders – our as our new programs draw closer. DEVELOPINGPittsburgh is published by fasted growing membership group in Tall Timber Group for NAIOP Pittsburgh NAIOP. NAIOP has put particular empha- Regards, 412-928-8303 sis on our emerging professionals over www.naioppittsburgh.com the past few years. I feel that reaching back to the next generation of profes- No part of this magazine may be sionals in our industry is an obligation reproduced without written permission by the Publisher. All rights reserved. and a privilege we have as an organiza- tion. Engaging younger people in com- This information is carefully gathered and compiled mercial real estate is another way that in such a manner as to ensure maximum accuracy. we can ensure that the best young tal- We cannot, and do not, guarantee either the ent is attracted to Pittsburgh and grows correctness of all information furnished nor the here. Those goals are the foundation of complete absence of errors and omissions. Hence, responsibility for same neither can be, nor is, our Developing Leaders group. The spe- assumed. cifics of the program are being finalized and we expect to announce the details Keep up with regional construction and real estate in September. However, our goal is to events at www.buildingpittsburgh.com identify mentors from our membership that would allow the Developing Lead- ers to meet for an informal, interactive discussion with the mentors. We hope to get a strong participation from our chapter members. Daniel P. Puntil NAIOP Pittsburgh President www.developingpittsburgh.com 5 f e a t u r e FINANCIAL MARKET UPDATE 6 DEVELOPINGPITTSBURGH | Fall 2013 f e a t u r e Over the past year there has been a calming of much of the volatility in the reporting of business and economic conditions. That change has corresponded to a calming in the volatility of the actual economy. Since the financial crisis, reporting about business – which is hardly front page news in most eras – has continually harped on what may be the next unknown crisis to trip up the economy. After five years, most media outlets are covering business in the manner they did prior to the crash and the global economy itself seems to be offering less to write about as well. Business news has become boring again. www.developingpittsburgh.com 7 f e a t u r e urozone debt crises have for a commercial real estate trans- mand fundamentals for commercial faded. The stock market is action. What all the lenders have in real estate haven’t been good since chugging upwards towards common in today’s market is that before 2008 but the lack of return new records. The ‘fiscal the interest rate they can charge for cash in traditional conservative cliff’ and Social Security for the funds they provide is lower investments has pushed investors withholding increases had than almost any time in history. At to look at what are normally riskier more impact before than the same time, the spread between asset classes for better yields. One after the events took place. Even the cap rate for commercial prop- of those asset classes that has been Ethe threat of the Federal Reserve erty and the return on the 10-year in favor is real estate. eliminating its bond-buying pro- Treasury bill is historically high, gram has been processed and ab- between 400 and 450 basis points This counterintuitive love affair sorbed – priced in to the affected for the last five years. with real estate is a bit confusing securities. More importantly, the for lenders. Commercial property actual reporting of economic data These are conditions that should be values declined by more than 40 continues to get sunnier, especially great for commercial real estate fi- percent in 2008 and 2009, yet by reports that look back on the most nancing but the conditions are also 2010 the total returns on commer- recent estimates of activity. With somewhat extraordinary because cial real estate in the U. S. aver- each new report, the previous esti- both rates and spreads are essen- aged 14.5 percent.
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