Wednesday, December 07, 2005

Demand seen for Downtown Pittsburgh housing?

With more than 600 new apartments and condominiums scheduled to hit the market over the next two years downtown Pittsburgh, housing developers, foundations and government officials will be watching closely how quickly they will be absorbed.

Carnegie Mellon University graduate students who studied the market for Downtown residential development over the past semester are bullish that the new units will be filled up fast. They recently concluded that demand for housing in the Golden Triangle in the near term is likely to outstrip supply.

Based on an analysis of the results of a survey the group conducted of young professionals in the region, the group estimates there is demand for 1,000 more residents than currently can be housed in the Golden Triangle.
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