The Pittsburgh Downtown Partnership has issued their latest report and the news is good. According to the State of Downtown report, new development is occurring and going beyond the “golden triangle.”
In 2015, the city saw $636 million in new projects, which is an increase of 21 percent since 2014. The growth is mainly being seen in the North Side and Strip District, which are just outside of the Central Business District.
In addition, there is a wave of real estate inventory coming to the downtown region with:
- 1.4 million square feet of office space,
- 761 new hotel rooms and
- 1,380 residential units
The report notes that the residential population has continually increased, competitive hotel room rates have remained steady and average Class A office rents reaching an all-time high of $27.70 per square foot.
Click here to read the entire Pittsburgh Business Times article.