Develop and execute a real estate strategy that attracts talent and reduces spending—even in evolving energy markets.
Historically low natural gas prices have put tremendous pressure on Pittsburgh’s energy industry, leading to reduced office demand and rising vacancy rates—with the popular Southpointe submarket now approaching 15 percent vacancy (Q3 2015).
Corporate rightsizing has been a popular strategy over the past 18 months, with additional announcements expected over the coming year.
Landlords have been offsetting recent losses from energy tenants by tapping into other areas of Pittsburgh’s diversified economy—including the science and tech sectors—but overall remain optimistic towards the city and the energy industry.
And, despite the market’s short-term issues, midstream national gas operators are still quite active across the region. Royal Dutch Shell, for example, is even considering a multi-billion dollar ethane cracker plant that would eventually bring a full-time workforce of around 500 to the area.
Here’s how we can help your energy company:
A representative will be in contact with you shortly.
Connect with a real estate consultant who specializes in the energy industry.