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.

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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.

According to our Full Circle report, millennials currently make up the majority, or 37%, of Pittsburgh’s downtown population. And, the downtown residential population is poised for some serious growth with nearly 4,000 multifamily units in the pipeline.

Pittsburgh’s economy is promising for young talent as more tech, robotics, healthcare and other businesses continue to move into the region. In 2016 alone, more than 70 office tenants committed to downtown through expansions, retentions and new leases.

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Photo Credit: Mr.TinDC

 

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