Pittsburgh is traditionally a local market with business relying heavily on the connections and capital from friends and family. Pittsburgh has not been an attractive market for most national lenders because it’s a low yield (yet stable) market. More recently, that’s been an advantage to outside developers using Pittsburgh to balance a riskier portfolio. Examples of recent projects utilizing outside capital include Oxford Centre, Northway Mall, several senior living facilities in the suburbs, and the airport corridor. This trend echoes the Philadelphia market, which was just starting to see an influx of outside capital about a year ago. Pittsburgh is poised to be one of the next big markets.