From The Mayor's Office:
PITTSBURGH, PA – Pittsburgh has been rated the 5th best city in the world for long-term real estate investment in a new study by Grosvenor Research.
The “Resilient Cities” report from the international property development company ranks the world’s top 50 cities on climate, environment, resources, infrastructure, and community affairs.
Pittsburgh is rated the 5th most resilient city in the world, following Toronto, Vancouver, Calgary and Chicago. Grosvenor — a 300-year-old development firm based in London — uses the report to study the long-term stability and prosperity of cities in guiding long-term property investment.
The report underscores why Pittsburgh is both a good near and long-term bet for real estate, particularly given its growth, good governance and the actions the Peduto administration is taking to mitigate climate risks and invest in infrastructure.
“The rest of the world is responding to the great things happening in Pittsburgh and my administration's promotion of sustainable growth policies to make our city a global leader,” said Mayor William Peduto from Toronto, where he is attending a conference. “Sustainable development projects we are investing in across the city will cement this reputation for decades.”
The report was issued last week at the spring meeting of the Urban Land Institute in Vancouver.
In a statement Grosvenor’s Group Research Director Dr. Richard Barkham said, “This research provides us with a powerful tool to use when looking at the risks and opportunities of long-term real estate investment in cities around the world. It helps Grosvenor, our clients and partners, to look beyond classic, but limited definitions of real estate investment risk, which have little meaning over the long-term, and instead broadens our understanding of a city and its risk profile.”
The study is available here.