Marcus & Millichap

Pittsburgh Multifamily Investment Forecast

2020 Outlook

Access Full Report Subscribe

Pittsburgh Apartments Set for Steady Momentum; Diverse Economy Delivers Reliable Performance

Diverse economy maintaining strong rental demand. The logistics and tech industries continue to expand throughout the market, further boosting apartment demand. This year, Amazon is projected to deliver a 1 million-square-foot distribution facility, employing approximately 800 workers. Additionally, the strengthening tech sector, headlined by the success of Argo AI, underscores the market’s diverse economy. Stable household formation stemming from the steady growing labor pool, along with a sustained sluggish pace of development have pushed metro vacancy close to the 3 percent threshold in nearly all of Pittsburgh’s submarkets. Areas just east of downtown have even reached vacancy levels near 2 percent. The addition of several hundred new units this year in these neighborhoods may help alleviate some of the demand pressure; however, the development pipeline on a market level will remain thin. Rental gains will remain above average as a result, with locations west and north of the city core logging pronounced growth.

Access Full Report Subscribe