The CBRE real estate symposium held Sept. 17 painted a rosy picture of the economy, particularly the commercial real estate segment of the Pittsburgh market. CBRE's Jon Southard presented data on the national economy that portrayed improving - if not booming -  conditions, particularly for employment. Today's big economic story was the 18% drop in durable goods orders, but that movement was due to a drop in airplane orders (just as the 22% increase in July was). The underlying durable goods data showed increased business investment.

That investment isn't occurring at the moment in the construction market in Pittsburgh. Preliminary data from Tall Timber Group forecasts contracting volume through three quarters of 2014 will be under $2 billion. That's the lowest since the recessionary trough of 2010. Projects in the pipeline continue to build up, indicating that the pent-up bubble will burst by 2015, but the uncertainty about healthcare and the tax environment are keeping owners from going forward. 

 Project News 

 The bid market remains slow, not a good indicator of a fourth quarter build. The Westin has a $3 million lobby renovation project out to bid. Check the list of invited bidders at the PBX website. PJ Dick has the new 30,000 sq. ft. Central Catholic STEM building out to bid. On the heavy/highway side of the market, PennDOT has the $80 million Garrett Bridges section of the Route 219 extension out to bid, due Oct. 23.