Occupier Solutions Group

🇺🇸 Happy Independence Day! Today, we celebrate the freedoms that we hold and cherish so dearly. We hope that you have a wonderful holiday with family and friends! #4thofjuly #Freedom #America

Congratulations to PA CareerLink® Pittsburgh for a successful big move to Penn Center East. The space looks awesome! We had a great team that included Franklin , Shannon Construction Company, Information Technologies Services Corp, and Desmone. Ciaira Price, LEED Green Associate led the project alongside Craig Benecke. Thanks to everyone that had a part in the success. It was a nice representation of how the Occupier Solutions Group, Carmine DiLucente, and CBRE PJM work together seamlessly to deliver for our clients. It will be exciting to see what's next for them!

Remote Work vs. In Office - The Results are In...   In March 2020, the pandemic-induced transition to fully remote work happened overnight. Now, four years later, companies are implementing a wide range of office-use expectations and policies.   CBRE has just published a new report investigating how post-pandemic office attendance is impacting companies and the cultural and directional shifts that have resulted thereafter.   Key Takeaways:   ◼ Organizations are now expecting people to work at the office from two to four days per week. Even organizations that do not require employees to work in the office have maintained a real estate footprint.   Full-Time Office: 14% Mostly Office (3+ Days/Week): 36% Equal Mix: 6% Mostly Remote (3+ Days/Week): 15% Employee Choice: 28% Fully Remote 1%   ◼ Variations exist in attendance policy based on a company’s industry. Those with greater equipment dependencies tend to require more days of in-office work.   ◽ Technology and professional service companies are most likely to have remote centric office attendance policies while companies in financial services, life sciences and legal exhibit more office-centric policies.   ◼ Companies with full-time office or hybrid policies have the lowest average turnover rates.   ◽ Fully remote companies experienced the highest employment turnover rate (16.5%), much higher than those companies with more office-leaning attendance policies.   🔗 Full report: https://lnkd.in/eQU5TMeG   For any questions about this report, please reach out to Carmine DiLucente Michael Stuart Gerry Dudley Danielle Lafe James Stocker and Brennan Reyes   Do you like content like this? Give us a like and follow as we keep you updated on the latest market intel, emerging trends, and fresh perspective!

⚙ Q2 2024 Pittsburgh Office Stats: Stuck in 2nd Gear?   ◾ The Pittsburgh office market was fairly flat in Q2 2024, with modest increases in the overall vacancy rate (15.6%) and negative net absorption (-84,146 SF), mostly in dated, Class B inventory. ◾ Office capital market activity was near non-existent, with no transactions over 10,000 SF in size. ◾ As large office construction projects like FNB Tower, Innovation Research Tower and Diamond Ridge all near completion, there are no major speculative office projects currently under construction. ◾ The four largest recorded deals all happened in suburban markets - not in the CBD or Fringe. These included: ◽ NVR (36,397 SF lease renewal at Penn Center West One) ◽ FedEx Supply Chain (27,023 SF new lease at Pennwoods Commons I) ◽ Patient Service Center (23,955 SF new lease at 200 Industry Drive) ◽ Wolfe Companies (20,471 SF new lease at 680 Andersen Drive)   🔗 Full report: https://lnkd.in/e45EghsF   The OSG Takeaway: 🕰 While the Pittsburgh office market will always witness an ongoing ebb and flow, Q2 2024 largely felt like the calm before a coming leasing storm. Considering the number of sizable, high-profile tenants currently active in the market, it's only a matter of time before these transactions close and propel the market to a third quarter ripe for higher deal velocity and larger gross transaction size.   🏙 On the dealmaking side, we are witnessing the continued dominance of "Prime" office buildings, as companies continue to prioritize quality, amenities and most importantly "tenant experience." Underwriting deals in Prime-quality projects requires a lot more upfront money in Tenant Improvement packages, so tenants are justifying longer leases at higher rental rates to help compensate.   🚨 Lastly, it is of critical importance for Tenants today to closely watch & analyze their landlord's financial position as part of any deal due diligence. With upcoming loan maturities and a challenging recapitalization environment, not all landlords will be able to compete equally for tenants, and some may experience timing, funding and performance issues that can threaten transaction integrity.   For any questions about this report, please reach out to Carmine DiLucente Michael Stuart Gerry Dudley Danielle Lafe James Stocker and Brennan Reyes   Do you like content like this? Give us a like and follow as we keep you updated on the latest market intel, emerging trends, and fresh perspective!

Time to go Prime   🥇 The term "flight to quality" has been the #1 leasing trend since returning to the office post pandemic.   Today's tenants are consistently choosing to lease space in "Prime" buildings (i.e. those with high-quality design, wellness standards, a strong mix of amenities and those in walkable neighborhoods near retail and transit).   📈 To put this trend in perspective, as of Q1 2024, prime office asking rents were 84% above average non-prime rents, and featured a vacancy rate of 4.5 percentage points lower than their non-prime counterparts.   In a newly published CBRE survey & report, the gulf between prime and non-prime buildings is only expected to widen as tenant's appetite for high-quality projects becomes increasingly supply constrained amidst a slowdown in new construction (caused primarily by today's high interest rates and development costs). As this supply dwindles in near future, rental rate escalation and decreased available options for tenants will continue to follow suit.   What's next? Tenants who are nearing lease expiration and plan to relocate to higher quality space should consider starting their search early due to shrinking prime space availability.   🔗 Full report: https://lnkd.in/dNEkbQKY   For any questions about this report, please reach out to Carmine DiLucente, Michael Stuart, Gerry Dudley, Danielle Lafe, James Stocker and Brennan Reyes.   Do you like content like this? Give us a like and follow as we keep you updated on the latest market intel, emerging trends, and fresh perspective!   #CRE #Pittsburghrealestate #CBRE #Occupiersolutionsgroup  

Happy Father's Day to all the amazing dads! 🏆 Today, we honor the fathers, father figures, and mentors who play such a crucial role in shaping our lives. 💙 A father’s love, support, and guidance makes a world of difference! 💪 #FathersDay

📍 The Pennsylvanian A new space at 1100 Liberty Avenue came on the market and Jerico Berlin gave us a walk through. This is a beautiful historic property with modern upgrades and amenities! Our main goal as the Occupier Solutions Group is to help tenants find their perfect fit in the market, so if you or your company is looking to relocate or renew your lease, it would be our pleasure to assist in that process. Let's connect! 📲 👥 CBRE's Occupier Solutions Group: Carmine DiLucente, Michael Stuart, Danielle Lafe, James Stocker, and Brennan Reyes #CRE #PGHCRE #Pittsburgh 

🤖 Pittsburgh's Life Science Talent Rankings   Every year CBRE compiles an comprehensive analysis of the top U.S. life science markets to measure the depth of workforce talent. Our research covers over 100 markets, and includes customized rankings for life science manufacturing and medtech talent clusters. 🧬   The results of this survey help guide real estate decision making and workforce development for one of our most competitive and growing industry sectors.   📊 So what do the stats say about Pittsburgh?   Long established markets like Boston-Cambridge, San Francisco, DC/Baltimore and New York/New Jersey still lead the pack. 🦾 Pittsburgh scored exceptionally high - gaining the #1 spot - for producing the most biological and biomedical sciences graduates relative to its industry size of any market in the country.   Pittsburgh earned the overall #25 ranking, along with impressive ranks in BioPharma R&D (#22) and Medtech (#12).   🔗 Full report: https://lnkd.in/gP9uukGg   📲 For any questions about this report, please reach out to Carmine DiLucente, Michael Stuart, Gerry Dudley, Danielle Lafe, James Stocker or Brennan Reyes.   Do you like content like this? Give us a like and follow as we keep you updated on the latest market intel, emerging trends, and fresh perspective! #CRE #Pittsburghrealestate #lifescience

🚨 Deal Announcement! We had the honor of representing PA CareerLink® Pittsburgh in their Pittsburgh office relocation! 📍 300 Penn Center Blvd - Suite 800   This move enhances PA CareerLink’s ability to not only serve their clients and partners but also brings a new level of aesthetic appeal and ease of access.   This new location will provide employees and visitors with: ☀️ Abundance of natural light 🪟 Sweeping views ✅ Efficient design 🚘 Easy accessibility via car and public transportation.   🎉 With exclusive back-lit building top signage, the new center will be easily located from Route 22.   It was a pleasure helping facilitate PA CareerLink’s relocation! We’d also like to extend our gratitude to Jackie✨ Bezek for her partnership in concluding this transaction on behalf of her client, building owner, M&J Wilkow. CBRE's Occupier Solutions Group: Carmine DiLucente, Michael Stuart, Gerry Dudley, Danielle Lafe, James Stocker, & Brennan Reyes

🇺🇸 May we never forget! As many of us will be spending the day relaxing or spending time with family and friends around the barbecue, let us not forget the true meaning of Memorial Day. Today, we honor all those who have died while serving this nation to preserve our freedoms. After all, there’s no greater love than to give up one’s life for his friends. We hope that you have a safe and happy Memorial Day! #MemorialDay #NeverForget