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.

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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.

More Pittsburgh Headlines

  • The Pittsburgh Penguins submitted a letter of intent to start the first phase of a residential development at the former Civic Arena site. The development would be composed of 1,000 units, which include a mix of one-, two- and three-bedroom units.
  • The proposed world trade center development overlooking the Pittsburgh International Airport received the votes to hire a construction manager. The site is considered among the top development properties. Planners for the development envision office space, research and development facilities, a hotel and corporate jet hangars with ramps to the airport runways.

Image Credit: daveynin

 

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