Pittsburgh Market Profile

Source: Medical Office Today

Contributed by Anthony Pantoni, Associate at Colliers International | Pittsburgh

The Pittsburgh market is segmented into four geographical areas – north, south, east and west – each with its own distinct characteristics. By far, the northern quadrant of the city has seen the greatest growth in population, jobs and commercial real estate development.

The southern quadrant has seen some recent growth as well, but in other areas of Pittsburgh, the population is actually shrinking, according to Anthony Pantoni, an Associate with Colliers International in Pittsburgh.

Southwest Pennsylvania has a growing aging population, with 18% of the population older than 65 and 9.6% of the population over 75, as compared to the statewide statistics of 15.9% of the population older than 65 and 8.2% over 75, says Thomas Korpiel, director of Integra Realty Resources in Pittsburgh. Given these numbers, practices looking to serve the elderly should consider space in the southwestern region of the market, particular since the senior population is projected to increase to 19.7% by 2015.

Growth in the northern quadrant

Economic and population growth in the north has stemmed from the recent intersection of two interstate highways – Interstate 79 and the Pennsylvania Turnpike – which was completed within the past five years.

“We’ve been seeing growth in the area for several years because of this,” Pantoni notes. “Housing values are going up, and there’s room for development. This area of Pittsburgh has lagged behind in development for the past 25 years and is now catching up by leaps and bounds.”

According to Korpiel, strong Pittsburgh submarkets for medical real estate include Oakland/Shadyside, as well as some key suburban areas such as Peters Township, Monroeville and Cranberry Township.

As is being seen throughout the country, the trend of local healthcare systems acquiring private practices is alive and well in Pittsburgh, too.

Read the full article.

Colliers International | Pittsburgh is a locally owned company and established leader of
Western Pennsylvania’s Commercial Real Estate Industry, providing results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.

Posted on September 19, 2011, in Economy, Office and tagged , , , . Bookmark the permalink. Comments Off on Pittsburgh Market Profile.

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