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.
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Healthcare and Tech Development Intersect in Pittsburgh
Much of the third quarter’s leasing activity comes from the robotics and technology industry in Pittsburgh.
Along with the technology industry, healthcare is also driving development in Pittsburgh. The University of Pittsburgh Medical Center (UPMC) was selected this year for the state’s Community HealthChoices managed care program, which means the medical center may be in need of more office space.
Similarly, the University of Pittsburgh also received funding from the National Institute of Health (NIH), putting R&D expenses at roughly $861 million. With access to talent from both universities and plenty of development in the pipeline, Pittsburgh is well positioned for future growth in the life sciences industry.
More Pittsburgh Headlines
- Speaking of healthcare, UPMC recently committed to a $200 million plan for a cancer research center in East End. The center will be housed in a 350,000-square-foot building near the UPMC Shadyside Hospital.
- The Housing Authority of the City of Pittsburgh has purchased three parcels of land in Homewood to develop a new residential community. The multifamily development will be made up of 58 units, all of mixed income.