Category Archives: Pittsburgh Commercial Real Estate

Pittsburgh Market Commercial Real Estate News Brief: August 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Pittsburgh market to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Pittsburgh Clusters into Defined Industry Neighborhoods

Photo Credit: Matthew Paulson

As Pittsburgh continues to attract large investments, new companies are locating where they see the most success for their specific industry. Companies are branching into clusters, creating a web of more clearly defined industry neighborhoods.

For example, technology companies are locating in the Fringe, Oakland and East End areas where they are in close proximity to the CBD and universities, such as Carnegie Mellon and the University of Pittsburgh. Similarly, energy companies tend to locate in the West and Southpointe areas, while law firms, financial companies and business services are most commonly found in the CBD.

Related: Download the Q2 Pittsburgh Office Report or Q2 Industrial Report 

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A Floor-by-Floor Perspective of Midwest Real Estate: What Skyline Will We See in the Next Five Years?

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By: Andrew Batson, Director of Research, JLL

Increasing leasing activity, speculative development and shifting market leverage in commercial real estate are constantly reshaping city Skylines across the U.S.

JLL’s Skyline Review registrants can take a deep dive into the trends impacting 57 major skylines across the United States and Canada, and learn about which national trends are transforming markets close to home.

Read on for a closer look at how the Skylines in the Midwest are performing and what to expect in the coming months.

Mixed-Use Development is on the Rise in Cincinnati

Cincinnati’s Skyline is comprised of large office buildings that are occupied by large tenants, many of them recognized as Fortune 500 companies. Rental rates have dropped 0.7% from 2016 to Q1 of 2017. At the same time, vacancy rates remain well above the national average at 20.9%, which has boosted demand for affordable Class A space within the Skyline.… Read More

Pittsburgh Market Commercial Real Estate News Brief: June 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Pittsburgh market to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Pittsburgh Earns High Marks for Millennials

According to a new study by Growella, young professionals looking for an ideal live-work-play downtown environment should look no further than Pittsburgh. The city ranked as the second best city for millennials to live, and No. 1 in the Northeast.

Pittsburgh earned an A grade for factors such as entry-level job availability, commute time, quality public transportation systems, recreational options, income earning potential and the number of other millennials that currently reside there. The estimated population of 20-34-year-olds is more than 346,000 people.… Read More

Commercial Real Estate News Brief: June 2017

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Every month, JLL’s regional team curates the top commercial real estate industry articles to keep you in-the-know. In this month’s edition, JLL spotlights the impact of transit hubs, catering to the liquid workforce and the rise of fringe neighborhoods.

Keep up with Spaces’ monthly recaps—subscribe today.

Transit Hubs Become the Center of Commercial Real Estate Development

As more young professionals opt to walk or take public transportation to work, major cities, such as Cleveland, Columbus, Detroit and Pittsburgh, are directing efforts to revamp their public transit systems.

Approximately 87% of public transit trips have a direct impact on the economy as they deliver a larger talent pool and customer base to the city center. As the millennial workforce gravitates toward the urban core to work and live, cities are redesigning their public transit systems for enhanced comfort and convenience.

Improvements to public transit infrastructure have stimulated economic growth and commercial real estate development in the CBD as businesses buckle down to secure office space along the route. An increasing number of businesses are relocating to reap the benefits of social networks formed around the renovated hubs.

Young Professionals Demand Flexibility and Off-Site Work Spaces

As the workplace becomes increasingly digitized, employees are demanding more flexibility in their schedules. Changes in the work dynamic have reshaped the real estate landscape, as offices must now compete with off-site spaces, which offer more freedom for employees to work when they want.… Read More

Employee POV: What Makes JLL Center One of Pittsburgh’s Coolest Offices

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Courtesy of JLL

What makes an office cool? Flexible workspaces, breaking down silos and innovative tech solutions are a good place to start. All this paired with sweet skyline views and a prime go-to happy hour spot nearby doesn’t hurt either.

JLL Center at Tower Two-Sixty is a current example of all that a “cool” office space should include. Just last spring, Tower Two-Sixty became the new home of our Pittsburgh headquarters—JLL Center. One year later, it’s being recognized by the Pittsburgh Business Times as one of the coolest offices in the area. Located in the heart of the city, JLL Center fosters a modern, open and inviting environment featuring shuffleboard, cutting-edge technology and a patio overlooking Market Square.

JLLers across all departments are benefiting from the innovative workspace. But, don’t just take our word for it. Here’s what some had to say about the new office space:

Q: JLL relied on its own employees to shape workplace design and strategy. How do you see that employee-driven design implemented throughout the office space?Read More

Pittsburgh Market Commercial Real Estate News Brief: May 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Pittsburgh market to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Tech Companies Keep an Eye on Pittsburgh Market

Pittsburgh is already home to a number of tech giants like Google, Facebook and Uber. Now, Apple, which currently employs 1,275 people in the state, is considering expansion in its Pittsburgh locations.

It remains unclear whether the expansion would include the retail or corporate side; however, the company made big increases in its corporate office over the last few years. Upon arrival in 2001, the company employed just 10 people in its Three Crossings office. Today, it employs nearly 50, which includes mostly software engineers.

All the movement in the tech industry has had a significant, but positive impact on the city of Pittsburgh. According to a 2014 study, Pittsburgh ranked second in intergenerational upward mobility among large metro areas. This is largely due to the high number of tech, energy and robotics companies moving into the metro area.… Read More

Pittsburgh Market Commercial Real Estate News Brief: April 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Pittsburgh market to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Co-working Trend Gains Popularity in Downtown Pittsburgh

The co-working trend shows no sign of slowing down, especially as more niche spaces continue to open up in and around downtown Pittsburgh. The number of freelancers and contract workers is expected to increase nearly 40% by the year 2020, which drives much of the demand for co-working spaces.

Among those targeting a specific niche population is Coterie, which was designed by and targets women. Also new to Pittsburgh’s Strip District is Zip Office Business Center, which targets small businesses and those that may require retail shipping services.

Small businesses, entrepreneurs and freelancers continuously turn to these shared spaces for their flexible leases and access to competitive amenities in a growing economy.

Related Read: Co-Working Sparks a Real Estate RevolutionRead More

JLL Research: 3 Ways Reurbanization is Revitalizing Midwest Markets

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By: Andrew Batson, Director of Research, JLL

JLL Full Circle

While cities spread throughout the Heartland are still making their comeback, the economic and investment outlook is promising according to our new research, Full Circle. The report takes a deep dive into the growth and development occurring in each of our markets, including Ann Arbor, Cincinnati, Cleveland, Columbus, Detroit, Grand Rapids, Louisville and Pittsburgh.

So, what did our research find?

Cities across the region are in the middle of a major renaissance as reurbanization continues to draw people, business and investments toward the downtown areas.

1. Young Professionals Gravitate Toward the Urban Core, Creating Need for More Multifamily Development

The face of the urban cores is changing, with the majority of each market’s downtown population made up of the millennial generation (20- to 36-year-olds), followed by generation Z (0- to 19-year-olds).

As these younger generations flock downtown, the need for more multifamily development is increasing. Each market has experienced positive population growth since 2000. What’s more is residential population has also posted impressive numbers in each market, most notably in Detroit with a downtown population of 37,700 followed by downtown Pittsburgh with 33,000.… Read More

Pittsburgh Market Commercial Real Estate News Brief: March 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Pittsburgh market to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Companies Commit to Pittsburgh with New Leases, HQ Searches

A handful of businesses announced plans for new locations and facilities in and around Pittsburgh. NRG Energy broke ground on its future district energy center in Uptown. Once constructed, the facility will deliver steam, chilled water and backup power to UPMC Mercy among other customers. Similarly, Fresh Thyme Farmers Market, a grocery chain, recently signed leases for two Pittsburgh region locations.… Read More

Pittsburgh Office Renovations Sweep Through Urban and Suburban Markets

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PittsburghThe workforce continues to develop and gravitate toward urban cores, which makes it necessary for companies to focus recruitment efforts there and in surrounding secondary markets. Pittsburgh is a prime example of a hot market for job seekers due to advancements in technology, energy and more. However, that doesn’t necessarily create cause for new construction.

In the Pittsburgh office market, rents have not achieved the rate necessary for new construction to be viable, even as tenant demand gravitates toward a higher quality space. Accordingly, investors are realizing the returns that value-add properties provide, and they are responding with 15 office renovation projects.

These renovations include historic downtown locations like The Grand at Fifth Avenue, as well as surrounding suburban office parks like Penn Center East. In total, the 15 projects will impact more than 4 million square feet of office space in the Pittsburgh market.… Read More