Once a city of coal and steel, Pittsburgh has reinvented itself as a region of art, entertainment, medicine, education, technology, and culture. Though the area has realized a great deal of change, it consistently remains an engine of economic progress. In this, the second of a three-part series highlighting the Pittsburgh region, we will briefly discuss the reasons why the area provides such a wealth of industrial and commercial real estate investment opportunity.
In the first part of this series, we referenced the resources that added value to the Pittsburgh Metropolitan Area. Resources such as natural gas, coal, timber, and limestone add a great deal of benefit to any industrial and commercial investment, as they work together to bolster the region's economic growth and stability to a gross regional product of over $140 billion annually.
The Pittsburgh region also has impressive property resources in addition to the natural resources listed above. An abundance of industrial, commercial, and office space is made available at prices lower than national averages, for instance, where the national average for office space rental is nearly $27.00 per square foot, the Pittsburgh regional average is under $23.00 per square foot. Additionally, with a national average of over $6.00 per square foot of industrial space, the Pittsburgh average for the same type of space is under $5.00 per square foot. The region's rental rates, natural resources, and transportation/shipping access options make it an effective and cost-sensitive location for almost any type of business; however, a region's resources often extend well beyond energy and infrastucture.
An investment in the Pittsburgh region is also an investment in its people. The area boasts the following statistics that support economic advancement:
A population of approximately 2.35 million
A labor force population of apprixomately 1.3 million
An average age of 43 years old
Highly-specialized workforces in manufacturing, gas extraction, mining, construction, and other skilled trades
The Pittsburgh Metropolitan Area and its surrounding regions continue to provide limitless opportunity for industrial and commercial organizations, as they have since first being settled. To this end, Industrial Commercial Real Estate's objective is to reinforce and intensify enterprise within the region through industrial real estate, commercial real estate, and real estate investment solutions. For more information regarding the Pittsburgh Metropolitan Area and its surrounding regions, its history, and its future, contact Industrial Commercial Real Estate directly.