The Pittsburgh real estate market continues to evolve as it mimics trends seen in other, larger metros and prepares to welcome a new, recently legalized industry to the area.

Outsiders remain very interested. From senior living facilities to apartments and downtown office buildings, national groups are behind most of Pittsburgh’s real estate transactions. Although investment strategies differ, with some groups preferring to hit peak numbers and sell, most are here for long-term growth. The cannabis industry is just beginning to take shape in our region now that Pennsylvania legalized medical marijuana. Questions like contract requirements, security needs, and financing need answered, not to mention compliance with local, state, and federal laws. Cannabis represents a potentially large opportunity for private funding. Finally, the bifurcation of the downtown office market seems to be the answer to abundant Class B space and scarce trophy space. Suburban employers are looking for office space downtown and leaving suburban sites vacant, a trend that echoes other major cities, like Baltimore.

Expect a variety of property types and new industries to grow and thrive in the coming months.