Pittsburgh March 2023 Key Take-Aways
- Gene Boyer – Burns Scalo Real Estate
- South Fayette 100 percent leased.
- Diamond Ridge when it is done will be $400 million Dollars.
- First to buy 40 acres in Fort Cherry Industrial and continue to look for opportunities.
- Preleasing still a challenge.
- Chris Kujawa – PDDM Solutions
- Industrial and commercial on the rise, few projects in Pittsburgh.
- High uptick in Wheeling, WV.
- Todd Pifer – AdVenture Development, LLC
- 4/27 Condada is opening up where IHOP use to be in McCandless.
- New cookie concept next to Condada coming.
- Dress for Less, Scheetz, Chick-Fil-A, Marshalls also coming.
- Stuart Coppedge – Desmone Architects
- Desmone voted Best Place to Work.
- Youngstown, Ohio project going well.
- Opened an office in Cleveland, big apartment complex opening, office in WV and busy in Wheeling.
- Warhols New Entertainment starting soon in vacant lot next to Warhol Museum.
- Jack Jacobs – WesBanco
- WesBanco is 159 years in business based out of Wheeling, WV.
- Holds north of 90 million dollars.
- Loan deposit ratio is very healthy.
- Still investing and expanding.
- Pipeline is very healthy.
- Jim Futrell – Allegheny Conference on Community Development
- From Dec. 2021 to 2022, saw a 2.1% increase in employment, very strong. Annual number 2.9% increase, data going back to 1990.
- Still catching up; the gap has closed in 2022.
- Healthcare is holding them back.
- Paying more attention to strategies of other countries, like Germany.
- Jonathan Levinson – Colliers International
- Extremely active right now, hard to develop anywhere.
- Greg Boyd – NexTier Bank
- Small community bank, privately owned.
- Doing a 5 year bridge loan for 3 shopping centers.
- Working on closing a Daycare project in Friendship.
- Sunny DiGiorno – PDDM Solutions
- Hired to do business development for staffing.
- Challenging to find candidates.
- Uncharted times; looking for candidates without 4 year degree.
- Every opening tough to fill.
- James Mauler – Cadnetics
- Complete remote due to pandemic, none of people want to work in office.
- Works with every player in construction projects.
- Design support services.
- Patrick Cersosimo – Apartner Multifamily Capital
- Works with individual investors, high net worth, high earners.
- All properties located in sunbelt states.
- Large projects 150 units to 500 units.
- Interest rates will work out even with new acquisitions.
- Try to maximize good construction that is already there; Construction costs are high and continuing to rise.
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