Customers Welcome Return Of Downtown’s Market Square Farmers Market

English: Market Square in Downtown Pittsburgh,...

English: Market Square in Downtown Pittsburgh, PA, USA. (Photo credit: Wikipedia)

Downtown resident Janie Robinson and her friend Donna Farmer, of Westwood, stop by the Market Square Farmers Market almost every Thursday to see “the honey man” after their morning silver sneakers class at the PNC YMCA.

For years, the friends have looked forward to the weekly summer market showcasing local vendors. For Ms. Robinson, the market is walking distance from her home on Stanwix Street. “The honey man’s” wildflower honey, Ms. Farmer says, is one of the best treatments for the nasal allergies that plague her during the spring and summer.

“We come here all the time, and will drop by to see him,” Ms. Farmer said today. “(The honey) is so fresh and good, straight from the beehive.”

Produced by the Pittsburgh Downtown Partnership, the farmers market runs every Thursday from 10 a.m. to 2 p.m. through Oct. 30. About 30 local vendors offer a variety of goods, selling everything from produce and pierogies to vegetarian dog treats.

Read more: http://www.post-gazette.com/local/city/2014/05/22/Customers-welcome-return-of-Market-Square-Farmers-Market/stories/201405220311#ixzz32YhKESyx

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Downtown Pittsburgh – A Landlord Market As Occupancy Rates And Rents Soar

U.S. Steel Tower in downtown Pittsburgh, Penns...

Image via Wikipedia

Downtown Pittsburgh skyscrapers are filling up fast.  Occupancy rate in many buildings is in the 90 percent range.  This is a drastic change from a few years ago when many buildings had high vacancy rates.  Owners were making deals with tenants to keep them.

Now landlords are naming their price and tenants are willing to pay the asking rates.  Several large buildings have come off the market after investors decided they could not reinvest anywhere else and get a better return than in downtown Pittsburgh.  Pittsburgh, New York and San Francisco had the largest increases in average office rents in the fourth quarter of 2010.

The Gateway Center Complex (four buildings) was recently taken off the market as well as the 32-story EQT Tower.  The owners decided retaining ownership was in their best interest given Pittsburgh’s bullish market.

Eleven Stanwix Street has gone from a 50 percent to a 94 percent occupancy rate.  The building is now up for sale but the owner is still receiving calls to lease space.  The Oliver Building and the Regional Enterprise Tower are also for sale.  The USX Tower (Pittsburgh’s tallest building at 64-stories) is in the process of being sold and has reached a tentative agreement with the new group of investors.  The purchase price is around $250 million according to the Wall Street Journal.

As occupancy rates climb and office space becomes scare, tenants are willing to pay higher rates to be in a full building (which is characterized as being in the upper 80 to lower 90 percentage leased category).