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.

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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.

Argo AI, the company behind Ford’s new autonomous vehicle, also announced its plans to set up its headquarters in the Strip District. The artificial intelligence start-up plans to lease a floor of the Crane Building. The company selected the Strip District for its close proximity to other tech companies and convenient location in the Pittsburgh region.

More Pittsburgh Headlines:

  • A recent panel of commercial real estate experts discussed Pittsburgh’s biggest suburban submarket, Parkway West, which has long been considered a “tenant’s market.” Experts cited back office users, call centers and those looking to be near Cracker will find the suburban park attractive for leasing.
  • Talks are in the works for a Bus Rapid Transit system connecting downtown Pittsburgh and Oakland. A transit system would include at least five stations in the downtown area and allow swift, easy connection to other surrounding submarkets in the region.

Photo Credit: Ron Reiring