During the fourth quarter 2013, one office building totaling 36,758 square feet was completed in the Pittsburgh market area. This compares to three buildings totaling 132,136 square feet that were completed in the third quarter 2013.
There were 2,158,550 square feet of office space under construction at the end of the fourth quarter 2013.
Some of the notable 2013 deliveries include: 4600 J Barry Ct, a 280,000-square-foot facility that delivered in second quarter 2013 and is now 100% occupied, and 2009 Mackenzie Way, a 90,000-square-foot building that delivered in first quarter 2013 and is now 25% occupied.
The largest projects underway at the end of fourth quarter 2013 were 306 Fifth Ave, The Tower at PNC Plaza, an 800,000-square-foot building with 100% of its space pre-leased, and 1 Southpointe Blvd, a 186,000-square-foot facility that is 100% pre-leased.
Total office inventory in the Pittsburgh market area amounted to 122,042,556 square feet in 6,392 buildings as of the end of the fourth quarter 2013. The Class-A office sector consisted of 35,160,008 square feet in 205 projects. Within the Office market there were 226 owner-occupied buildings accounting for 5,760,987 square feet of office space.
This trend is compared to U.S. National Office deliveries and construction, which saw 177 buildings totaling 11.7 million square feet complete construction, with an additional 86.9 million square feet of office space still under construction at the end of the fourth quarter. 4 World Trade Center, a 2.85 million-square-foot facility delivered, while the 3.04 million-square-foot One World Trade Center in New York City is still underway. Total office inventory in the U.S. market totaled 10.37 billion square feet in almost 498,000 buildings at the end of the fourth quarter 2013, including almost 20,000 owner-occupied buildings accounting for 884.5 million square feet