02 August 2010

Pittsburgh Commercial Real Estate Market Improving

Pittsburgh Business Times

Real estate research company RealSTATs says the Pittsburgh region's commercial real estate market showed an increase in sales volume for the first half of 2010, compared to the same period last year.

RealSTATs data shows the volume of commercial sales in the Pittsburgh region during the first half was $395.98 million, up 54 percent from the first half of 2009, when the volume was at a five-year low of $256.9 million.

The average commercial sales volume for the first half of the year in the region over the past five years is $667.3 million.

In Allegheny County, commercial sales volume was up 34 percent over the first half of 2009, to $277.5 million. Within the city of Pittsburgh, two sales accounted for almost half of the first half's $160.3 million total: the $38.6 million sale of the Federal North building at 1315 Federal St., and an eight-story office building on Penn Avenue, which sold for $35 million.

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