Pittsburgh office insight - Q2 2018
Unemployment in Pittsburgh has dropped to 3.6 percent, which is below the national average of 3.8 percent and the lowest it has been since 1999. Although population growth for the metro has been stagnant, Pittsburgh’s downtown population has seen a growth of over 30.0 percent since 2010, with the fourth highest concentration of Millennials in the country at 29.7 percent.
Currently, the only office projects under development are in the urban submarkets, totaling 841,026 square feet. The outlook going forward will be the continuous flight towards higher quality product in the urban submarkets from the technology companies in the market. However, suburban office product that can replicate the natural placemaking that urban areas offer will have the best chance to capture new tenants.