Research/Market Beats

Pittsburgh Office Snapshot – Q2 2017

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Economy Pittsburgh was ranked fifth among SmartAsset’s Top Cities for College Grads survey released in Q2 2017, which could explain why the region also was first among North American small tech markets in millennial population growth – posting a 17.7% increase between 2010 and 2015 – besting popular competitors Austin, TX, Charlotte, NC, and Cleveland, OH. Pittsburgh’s technology sector grew 12% over the past two years, ranking the region fourth…

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Pittsburgh Industrial Snapshot – Q2 2017

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Economy Life sciences could battle energy for the top sector driving the Pittsburgh region’s economy. In 2016, the life sciences and healthcare sector experienced the largest capital investment since 2011 – $150 million – and it contributed 10% to the region’s GDP, employing more than 133,000 people. Pittsburgh’s robust network of incubators, R&D centers and high-profile universities earned the area 18 new deals resulting in 2,983 new jobs with 154…

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Pittsburgh Industrial Snapshot – Q1 2017

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The unemployment rate in the seven-county Pittsburgh metro rose 0.6 percentage point year-over-year in Q1 2017, hitting 5.4%. The labor force decreased by 8,600 jobs during the same period while the number of unemployed rose by 3,000 from Q1 2016 to Q1 2017, according to the Pennsylvania Department of Labor Center for Workforce Information and Analysis. Total job growth for 2016 fell just short of 0.5%, landing Pittsburgh in the…

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Pittsburgh Office Snapshot – Q1 2017

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Though the region added just 4,400 new jobs in 2016, Pittsburgh remains poised for growth in its strongest economic sectors. Citizens Bank announced that it would remain a tenant in 525 William Penn Place, where it occupies approximately 150,000 square feet (SF), citing its view of Pittsburgh as a growth driver for the company. Ford Motor Company inked a $1.0-billion deal with Argo AI, a Pittsburgh start-up that focuses on…

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Pittsburgh Office Snapshot – Q4 2016

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The Urban Land Institute (ULI) listed Pittsburgh among its top five markets to watch in the 2017 Emerging Trends in Real Estate Report. Pittsburgh ranked third behind Columbus, OH, and Richmond, VA, and just ahead of Charleston, SC, and Salt Lake City, UT. The Pittsburgh region made the list due to its low cost to do business; access to talent via four major universities; and, its status as an emerging…

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Pittsburgh Industrial Snapshot – Q4 2016

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The Pittsburgh region gained approximately 4,400 new jobs between December 2015 and December 2016, amounting to a 0.4% increase year-over-year but still falling short of the 1.7% benchmark average. Manufacturing and construction jobs are expected to rebound over the next 24 months in response to the announcement that all federal, state and local approvals have been granted for the construction of Shell’s ethane cracker plant in Beaver County. Both sectors…

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Pittsburgh Industrial Snapshot – 2Q 2016

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Economy In contrast to the national decline in natural gas production, Pennsylvania grew its output of the resource to 4.6 trillion cubic feet in 2015, nearly five times its total production in 2011. According to the Pennsylvania Department of Environmental Protection’s report, Washington County, a submarket of the Pittsburgh Metropolitan Statistical Area (MSA) led the state in the number of unconventional well permits related to Marcellus shale activity last year…

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Pittsburgh Office Snapshot – 2Q 2016

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Economy According to the Pittsburgh Downtown Partnership’s State of Downtown Report issued in 2Q 2016, the Pittsburgh region generated $636 million in new projects within the Greater Downtown area in 2015, up 21% over 2014. Among the new projects were 1.4 million square feet (MSF) of new office space; 761 new hotel rooms; 1,380 new residential units; and, 300,000 square feet (SF) of new retail. The region garnered accolades from…

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Pittsburgh Office Snapshot – Q1 2016

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Economy Recently featured in The New York Times as a “City on the Sunny Side of the American Economy”, Pittsburgh continues to generate interest from investors domestic and abroad. In 2015, the region tallied 275 publicly-announced business investments totaling $2.9 billion. Among them, 206 were direct investments in attractions, expansions and relocations; and 69 were development deals for real estate and infrastructure. Anticipated employment growth from these investments exceeds 5,400…

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Pittsburgh Industrial Snapshot – Q1 2016

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Economy According to the Pittsburgh Regional Alliance, manufacturing was the strongest sector for investment activity within the region for the seventh time in nine years, racking up 63 of the total 275 deals tracked in 2015. With a capital investment of $2.9 billion, Pittsburgh remains a stable economy with the robust regional supply chain necessary for businesses to grow and succeed. One of the more significant investments year-to-date is GE’s…

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