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Attracting Business Pittsburgh’s Next Big Win? BUSINESS ATTR ACTING Spring 2018 Industry Intelligence. Focused Legal Perspective. HIGH-YIELDING RESULTS. Meet our construction attorneys at babstcalland.com. Whether it’s negotiating a construction contract, litigating a mechanics’ lien or bond claim, resolving bid protests or dealing with delay, inefficiency, or acceleration claims, we help solve legal problems in ways that impact your business and add value to your bottom line. PITTSBURGH, PA I CHARLESTON, WV I STATE COLLEGE, PA I WASHINGTON, DC I CANTON, OH I SEWELL, NJ Babst_Construction_DEVPGH_8.625x11.125.indd 1 8/16/16 6:52 AM CONTENTS | Spring 2018 31 Development 05 President’s Message Project Hazelwood Green 41 Developing Trend Landscape of Public Subsidy for Development 45 Eye On the Economy 50 Office Market 06 Feature Update The Business of Attracting Business Jones Lang LaSalle 53 Industrial Market Update Newmark Knight Frank 56 Capital Market Update 61 Legal / Legislative Outlook Contract Termination: Don’t 19 2017 NAIOP Pittsburgh Awards Make a Bad Situation Worse 64 Benchmarks Handicapping and Recapping the Amazon HQ2 Response 67 Voices Tax Cuts & Jobs Act of 2017 69 News from the Counties 25 NAIOP Pittsburgh 80 People / Events Reflections on 25 years www.developingpittsburgh.com 3 BURNS WHITE CENTER Oxford Development Thanks NAIOP for Awarding Best Mixed Use Project 2555 SMALLAMAN We also want to thank our partners: Carl Walker Jeff Kumar McCaffery Langan The YARDS Chuck Local Trade Rycon Taylor Hammel Unions Scalo Solar Structural Engineers ERECT Funds Loftus Strip District Evolve Engineers Neighbors WTW 2501 SMALLMAN The HUB The YARDS Real Estate Development | Project Management | Property Management | Leasing & Brokerage | Investment Advisory | Energy Management PUBLISHER Tall Timber Group President’s Message www.talltimbergroup.com EDITOR Jeff Burd I am very fortunate and pleased to be nominated for “2017 Best Education 412-366-1857 able to serve in my second year as Event” through NAIOP Corporate and [email protected] NAIOP Pittsburgh president. We have will be continuing throughout 2018 with PRODUCTION had a great deal of accomplishment other great projects as well. Carson Publishing, Inc. in my first year which will allow for the Our Chapter Meetings in 2018 started Kevin J. Gordon chapter to build towards the future. with our annual “Economic Update” in [email protected] One of the primary successes was partnership with BOMA in January. The completing a new strategic plan which February program was well received GRAPHIC DESIGN sets the stage for three primary goals for where “Supply, Demand and the Future 321Blink the chapter – advocacy, membership of Work in the Pittsburgh Region” was and communications. CONTRIBUTING PHOTOGRAPHY discussed and will be followed by our Katrina Flora Our 2018 agenda on state and local April chapter meeting with a “Real Estate Carnegie Mellon University issues will focus on three initiatives: Market Update”. Jim Schafer Location Photography 1. Streamlining DEP state permitting Of course, the most anticipated event Amazon Corp. processes for western Pennsylvania’s commercial RIDC real estate industry is upon us. NAIOP 2. Streamlining City of Pittsburgh Trumbull Corp. Pittsburgh’s Annual Awards banquet is permitting processes Tall Timber Group having its 25th anniversary and will take 3. Supporting the Bus Rapid Transit place on March 1, 2018 at the David CONTRIBUTING EDITORS between Oakland and Downtown L. Lawrence Convention Center. The Karen Kukish Pittsburgh. banquet is the best annual opportunity ADVERTISING SALES In addition, it is important to note the to both celebrate excellence in Karen Kukish success that NAIOP has had at the development and to connect with your 412-837-6971 federal level with the passage of The commercial real estate colleagues. [email protected] Tax Cuts and Jobs Act. For many years, Consider this your invitation to join me the debate surrounding tax reform gave at the banquet and become involved in MORE INFORMATION: rise to ideas that would have caused NAIOP Pittsburgh. DevelopingPittsburghTM is published by long-term damage to our industry, Thank you very much and I look forward Tall Timber Group for NAIOP Pittsburgh including the elimination of 1031 like- to a great 2018! 412-928-8303 kind exchanges, ending capital gains www.naioppittsburgh.com tax treatment for real estate carried interests, and not allowing deductibility No part of this magazine may be for interest payments on the financing reproduced without written permission for real estate projects. The active by the Publisher. involvement of NAIOP in this important All rights reserved. public policy debate helped shape the This information is carefully gathered final product to ensure that commercial and compiled in such a manner as to real estate remains a vibrant contributor ensure maximum accuracy. We cannot, to our nation’s economy. The 2018 and do not, guarantee either the cor- legislative goals for NAIOP at the Federal rectness of all information furnished level include: nor the complete absence of errors and 1. Support for infrastructure and omissions. Hence, responsibility for same transportation investment. neither can be, nor is, assumed. 2. Ensure capital and credit markets Keep up with regional construction meet the current and future needs of and real estate events at: the commercial real estate industry. www.buildingpittsburgh.com 3. Support for environment and energy efficiency. Another hallmark of NAIOP Pittsburgh is our educational programming. In 2017, our Developing Leaders had a stellar year hosting a project series that was David Weisberg open to the entire chapter where there NAIOP Pittsburgh President were tours of various projects around Greater Pittsburgh. This program was About the Cover: Mill 19 at Hazelwood Green. Photo courtesy Almono LP www.developingpittsburgh.com 5 THE BUSINESS OF ATTRACTING BUSINESS “ egional marketing is both art and science: creativity and analytics. FEATURE R Data and analytics are the ‘why’ that answer the question ‘why Pittsburgh?’ often asked by companies considering new investment deals or grow existing presences,” says David Ruppersberger, president of the Pittsburgh Regional Alliance (PRA). 6 DEVELOPING PITTSBURGH | Spring 2018 Amazon’s Seattle headquarters is part of a 13 million square foot campus. The company’s HQ2 deal is projected to add eight million square feet of office demand to the winning city. Photo courtesy Amazon. www.developingpittsburgh.com 7 Landing the Shell Franklin petrochemical plant remains the largest investment deal in Pittsburgh’s post-industrial era. The project will be catalytic to the regional economy for rest of the 21st Century. Photo by Trumbull Corp. hat brings new companies to luck stories (thank you Marcellus Shale economy today may have been set by your town? Why do companies formation.) The diversity of today’s the 1994 white paper by Carnegie Mellon Wexpand in your state? Or leave? economy wasn’t because of more good University President Robert Mehrabian As the marketing and business attraction luck than bad. It was because smart that was commissioned by the Allegheny affiliate of the Allegheny Conference people developed a plan to diversify Conference. Researched and compiled on Community Development, the PRA and had the patience to stick with the by almost 5,000 people, the report – strives to answer these questions every plan until it began to work. Economic Working Together to Compete Globally day as it looks to draw business to the development agencies work hard at – evaluated the region’s economic assets ten counties in Southwestern PA that finding leads and selling their corners and liabilities and set forth a set of goals are in its footprint. The answer to the of the region. There is competition for the year 2000. Few of the goals were question, as Ruppersberger suggests, among these agencies but there is also achieved by 2000, but the framework for is a combination of environment, hard extraordinary cooperation. a more diverse economy was established: work, vision and luck. Succeeding at business attraction is a team sport, It’s this cooperation that might ultimately • Build on the strengths that hold the key with accommodations needed from be viewed as the secret sauce to the to future job growth. corporate partners and governments that recipe for whatever success the Pittsburgh control the business climate. region has. Perhaps it was borne out of • Invest in wealth and job creation assets. the recognition that when one major Pittsburgh has been basking in the glow piece of the region’s economy suffers, • Revive our entrepreneurial vitality. of some major business attraction stories the region suffers. Perhaps collaboration • Make our region a leading destination for five years or so. Civic leaders and is really in the DNA of Western for world visitors. economic development professionals Pennsylvanians. Whatever the reason, the deserve all of the credit they are getting, regional leaders have developed a pattern • Create an economic climate for the just as they will take the heat when the of collaborative behavior that has made 21st century. wins become losses. Pittsburgh’s story appealing to the world. That behavior was refined even further by • Establish a new spirit of teamwork in What seems to have worked so well in the ongoing efforts to win the Amazon economic development. Pittsburgh is the blocking and tackling HQ2 competition. of economic development. Over the • Connect workers and students to the course of 30 years since the ability to Secret sauce? Maybe, but it’s still mostly jobs of the future. redesign the Pittsburgh economy became blocking and tackling. an existential crisis, there have been bad • Build one economy. luck stories (remember Fore Systems? Why Here? Why Now? Why Not? Cable Design Technologies?); and good At the same time, leaders in Pittsburgh’s The template for what we see in our business and academic communities 8 DEVELOPING PITTSBURGH | Spring 2018 FEATURE were gathering to create organizations for the explanation once the corporate overly burdensome tax on top of that like the Pittsburgh Technology Council rate is identified.
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