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.
More Pittsburgh Headlines:
- Westinghouse Electric Co. is looking to sublease office space at its location in Keystone Summit Corporate Park. Approximately 62,000 square feet of office space will be available for lease in the office, which is located in Warrendale.
- The city of Pittsburgh is adjusting its tax abatement programs to help increase the number of affordable housing units and business developments in other neighborhoods outside of downtown. The changes will provide a social equity component, or incentives for developers to invest in underserved neighborhoods.
Photo Credit: Mr.TinDC