For Pittsburgh real estate agents, the State of Downtown report recently issued by the Pittsburgh Downtown Partnership indicates good times for areas surrounding the Golden triangle. The new development that has been growing over the past months is starting to sprawl outward, bringing new life to the area and having a positive impact on the overall investment total for the downtown region.
In 2015, new project announcements totaled $526 million; this year, that number is up a whopping 21%, topping out at $636 million in new projects with the potential for that figure to be even higher.
Real estate agents in Pittsburgh can benefit from the new report’s highlights, which focus on development happening in and around the city’s North Side and Strip District, as well as neighborhoods located on the fringe of the Central Business District.
Where is the ongoing redevelopment finding it’s growing momentum? The report points to the renewed interest in the North Side’s Allegheny Center, which is being converted into Nova Place by New York-based Faros Properties, and the rapidly rising 3 Crossings project led by Oxford Development Company. North Shore projects account for 47 percent of the overall development investment in 2016. New Strip District projects represent another 28 percent.
A massive wave of new real estate inventory coming to the greater downtown region will start bleeding into listings as commercial properties continue to be built out; the bottom two floors of the Macy’s building have benefited from redevelopment by Core Realty, adding most of the projected 300,000 square feet of retail space referenced in the report, and 1.4 million square feet of office space have been announced (along with the new all-time high for average Class A office rents reaching $27.70 a square foot.)
The restaurant and hotel businesses are also experiencing rapid growth. Jeremy Waldrup, president and CEO of the Pittsburgh Downtown Partnership, pointed out that the downtown area added 23 new restaurants in 2015, and 17 more have opened so far this year. A whopping 761 new hotel rooms have been added with over 700 more still to come, and hotel rates are healthy. Residential housing also jumped by 1,380 units.
All of this points to downtown being a thriving hotspot for Pittsburgh real estate agents, who can capitalize on the city’s new-found property values. The city’s urban core is attracting new companies, restaurants and residents in a way that makes the Golden Triangle take on a whole new dimension, and the city’s financial stability has never seemed closer at hand.
Allegheny County realtors who specialize in commercial property can benefit from this trend, as can those focused on residential property. The expansion of business, from retail to corporate offices, can only spell out good things for the working population, and there will likely be increased demands for both apartments and condos and traditional single family housing in the months to come.