Apr
06

Pittsburgh commercial real estate market is #1

By Penn Pioneer

Moody’s: Pittsburgh’s commercial real estate market tops 100 other metros

Pittsburgh Business Times – by Ben Semmes

Pittsburgh’s residential real estate market isn’t the only one bucking the nationwide downward trend.

The area’s commercial real estate market outranked every other major metropolitan area in the country in the fourth quarter of last year, according to a recent report from credit rating agency Moody’s Investors Service.

The report, which focused on the office, apartment, and hospitality markets, gave Pittsburgh an overall average score of 77 out of 100 based on vacancy rates and other factors.

“Today, top credit experts have once again told the world that Pittsburgh’s steady growth continues to shine during these tough economic times,” said Pittsburgh Mayor Luke Ravenstahl in a statement.

Oklahoma City, 74, San Francisco, 74, Honolulu, 72, and Los Angeles, 68, rounded out the top five markets.

Riverside, Calif., 36, Jacksonville, 33, Trenton, N.J., 33, Detroit, 26, and Phoenix, 24, were the lowest scoring markets.

bsemmes@Bizjournals.com | (412) 208-3829

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