Pittsburgh Trends Up
ULI Pittsburgh’s 2017 Trends Program offered a new twist on our signature annual program. This summer, Pittsburgh was invited to participate in a local focus group, where industry leaders met to discuss the trends they believed were gaining steam: Urban Living, Shared Economies, Foreign Investment and Transportation. These themes were addressed through a panel of local leaders: Claire Hosteny (East End Development Partners), Joanna Bailey (COTERIE Company), Flemming Bjoernslev (North American Chemical Industry) and Ken Zapinski (Allegheny Conference on Community Development) in brief segments designed to offer insights into their respective disciplines. The morning’s keynote address came from former ULI Senior Fellow turned private consultant, Maureen McAvey (McAvey Consulting) offering national trends in line with the newest iteration of “Emerging Trends in Real Estate” published by ULI with PWC along with focused notes on both the city of Pittsburgh and our region in comparison to similar cities.
The 2017 Trends report looks at the current state of commercial real estate as “competitive and measured, with great opportunity” in the next 12-18 months before we might see a plateau turn to dip. McAvey noted that Pittsburgh ranks #28 of the 75 cities studied through the ET report as US Markets to Watch: Overall Real Estate Prospects, stacking us up with Philadelphia at #27 and Northern NJ #30 (note: Pittsburgh ranking markedly up from #43 in the 2016 report). Referencing the city as a market in transition, Pittsburgh offers tech startups, energy, millennial growth and increased foreign investment; but suggests housing affordability, institutional/education connections and land pricing as areas to watch.
For those interested in a downloadable copy of the 2017 Emerging Trends in Real Estate, click below.