Office building developers busy in Pittsurgh

Almost overnight, it seems, developers are stepping forward with bold proposals for big, new office projects in or near Downtown.

Alco Parking President Merrill Stabile announced a plan Oct. 8 to build two 11-story office towers and a 1,227-space parking garage in a lot he owns behind PNC Park.

The next day, Raleigh, N.C.-based Highwoods Properties unveiled a proposal to erect a six-story glass office building on the Monongahela riverfront at SouthSide Works as part of a four-building deal with the Soffer Organization.

And in August, Oxford Development Co. pitched a plan for its Smithfield Street property a 20-story office high-rise that its billing as the most efficient in the city.

Why the flurry of proposals?

Its all about the office market in and near Downtown, local real estate experts say. Its very tight, with top-of-the-line Class A office space tough to find. Developers are hoping to capitalize on the shortage.

Probably whats driving it is the strength of the market. I would think developers would want to take advantage of that if theyre in control of viable sites, said Jon Harrigan, CEO of Pennsylvania Commercial Real Estate Inc., Downtown.

It doesnt hurt to test the waters, he added.

If I were in their situation, I would be doing the same thing. You want to make sure your oar is in the water in case theres an anchor tenant searching for a new home, he said.

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Office building developers busy in Pittsurgh