The Pittsburgh Downtown Partnership has issued their latest report and the news is good. According to the State of Downtown report, new development is occurring and going beyond the “golden triangle.”
In 2015, the city saw $636 million in new projects, which is an increase of 21 percent since 2014. The growth is mainly being seen in the North Side and Strip District, which are just outside of the Central Business District.
In addition, there is a wave of real estate inventory coming to the downtown region with:
- 1.4 million square feet of office space,
- 761 new hotel rooms and
- 1,380 residential units
The report notes that the residential population has continually increased, competitive hotel room rates have remained steady and average Class A office rents reaching an all-time high of $27.70 per square foot.
Click here to read the entire Pittsburgh Business Times article.
According to Realtor.com, 2016 is anticipated to see Pittsburgh as the second most sought after real estate for millennials. This prediction was based on millennial population, employment growth and housing affordability.
Pittsburgh does not have one the nation’s largest population of those aged 25 to 34. In fact, only 12 percent of the region’s population represents that age group and that percentage is slightly less than the national average. However, job growth and lower housing costs make Pittsburgh exceptionally attractive.
According to Jonathan Smoke, Realtor.com’s chief economist, “The market ranked third out of the 100 largest markets for the 25-34 share of purchase mortgages in 2015, with 47 percent compared to the U.S. average of 36 percent.”
Only Atlanta slightly beat out the Steel City. What likely cities came in behind Pittsburgh? Read the Pittsburgh Business Times article now.
According to Movoto Real Estate, Pittsburgh is the eighth best city in the United States for homebuyers with an “optimal buying climate.”
The Steel City was the only Northeast metropolis to rank in the top 10. Why the high ranking? Pittsburgh is sixth in the nation for favorable median income to home price rank.
In addition, the city ranks number 46 for number of homes per person, number 39 for crime ranking, and number 16 for quality schools.
What other cities ranked in the top 10? Read the Pittsburgh Business Times article now.