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Market Report

Pittsburgh Office Investment Forecast

2020 Outlook

Industry Advancements in Innovation Engineer A Gateway for Value-Add Opportunities Downto


Research and development firms drive expansion throughout core. The professional and business services field continues to support hiring in Pittsburgh. Recently, medical equipment research and manufacturing company Philips announced it is relocating from northwest of the city center to Pittsburgh’s downtown Strip District. The firm will be moving into one of the metro’s newest office developments, the Bakery Office Three building. Philips chose this area for expansion to be near thriving tech innovators and research firms. Collectively, the company will relocate 1,700 workers to the new property. South of the Strip District, the Oakland area is also making room for medical and technology firms with the completion of the 160,000-square-foot Riviera in the Pittsburgh Technology Center. The area draws leading engineering and tech companies seeking to be near major employers that serve as their clients. Cost-conscious firms are also drawn to the area to avoid higher rents than those in the greater downtown area.

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