By JAMES R. HAGERTY
Pittsburgh, once written off as a dying steel town, has turned into one of the most resilient office-rental markets in the U.S., prompting a flurry of building sales as some longtime owners take profits. Energy companies, moving in to develop Marcellus shale-gas projects, are stoking office demand. Employment is growing in such areas as medicine, education, financial services and computer software. The city's biggest bank, PNC Financial Services Group Inc., last month said it would build a 40-story tower to help house its growing staff. "Downtown is becoming more and more attractive," says James Rohr, PNC's chief executive. CB Richard Ellis Inc. projects that office rents in Pittsburgh will rise an average of 7.5% this year, compared with an average of 2% for the top 52 office markets in the U.S...[continued]
