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2019 State of Downtown Pittsburgh

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2019 State of Downtown Pittsburgh 20 STATE OF DOWNTOWN PITTSBURGH19 TABLE OF CONTENTS For the past eight years, the Pittsburgh Downtown Partnership has been pleased to produce the State of Downtown Pittsburgh Report. This annual compilation and data analysis allows us to benchmark our progress, both year over year and in comparison to peer cities. In this year’s report, several significant trends came to light helping us identify unmet needs and better understand opportunities for developing programs and initiatives in direct response to those challenges. Although improvements to the built environment are evident in nearly every corridor of the Golden Triangle, significant resources are also being channeled into office property interiors to meet the demands of 21st century companies and attract a talented workforce to Pittsburgh’s urban core. More than $300M has been invested in Downtown’s commercial office stock over the 4 ACCOLADES AND BY THE NUMBERS last five years – a successful strategy drawing new tenants to Downtown and ensuring that our iconic buildings will continue to accommodate expanding businesses and emerging start-ups. OFFICE, EMPLOYMENT AND EDUCATION Downtown experienced a 31% growth in residential population over the last ten years, a trend that will continue with the opening 6 of hundreds of new units over the next couple of years. Businesses, from small boutiques to Fortune 500 companies, continued to invest in the Golden Triangle in 2018 while Downtown welcomed a record number of visitors and new residents. HOUSING AND POPULATION 12 Development in Downtown is evolving and all of these investments combine to drive the economic vitality of the city, making Downtown’s thriving renaissance even more robust. 16 RETAIL AND RESTAURANTS Sincerely, Jeremy Waldrup Lucas Piatt 20 HOTEL, CULTURE AND ENTERTAINMENT President and CEO Chairperson VE TH A E NOR VE TH A W NOR VE TH A E NOR N COMMONS State of Downtown Pittsburgh is CEDAR TRANSPORTATION AND CONNECTIVITY AVE E OHIO ST TH W NOR A VE N COMMONS 9 E COMMONS 1-27 26 COMMONS W State of Downtown Pittsburgh is AVE RIDGE CEDAR produced by the Pittsburgh Downtown E OHIO ST A VE 9 E COMMONS 1-27 W COMMONS W AVE RIDGE produced by the Pittsburgh Downtown AVE ON DA STOCKT VID MCCULLOUGH BRIDGE S COMMONS Partnership. The data presented AVE ON DA STOCKT VID MCC S COMMONS UL I-2799 LOUGH 1-27 Partnership. The data presented BRIDGE PA-65 5 PA-6 I-2799 1-579 1-27 16TH ST FEDERAL 15TH ST PA-65 5 PA-6 . 1-579 ail Tr 16TH ST FEDERAL VE in the report is derived from many tage 15TH Heri A vers W GEN. ROBINSON ST Ri . Three S ST ail T Tr VE in the report is derived from many ritage PENN He A RACHEL W GEN. ROBINSON ST Rivers VE. PLACE AND ENVIRONMENT . hree T A ST PENN N SHORE DR. RACHEL TY Y . VE. H E N A A L L E G N G N SHORE DR. I TY L A N D Y ANDY H E N LIBER L L E G G 14TH ST CASINO DR. A CARSONI N BRIDGE HEINZ FIELD L A N D 13TH ST ARK ANDY 14TH ST LIBER CASINO DR. PNC P CARSON BRIDGE 30 HEINZ FIELD ARK 13TH ST PNC P ROBERT W ROBERT W ARHOL AE N SHORE DR. ARHOL AGE AGE AE N SHORE DR. ST ST Y Y A A sources and covers activity within the SMALLMAN ST sources and covers activity within the SMALLMAN ST W BUS SCIENCCARNEGIE BUSW CARNEGIE O CLEMENTE BRIDGE SCIENCE CENTER EAST E CENTER O CLEMENTE BRIDGE BRIDGE EAST BRIDGE VD N O R T H S H O R E VD F R O N T S H O R E R I V E R WRENCE N O R T H PA R K FORT N T 12TH ST R I V E R F R O WRENCE DAVID L. LA PA R K FORT VID L. LA CONVENTION CENTER 12TH ST BIGELOW BL DUQUESNE BRIDGE R DA R IVE CONVENTION CENTER BIGELOW BL 9TH ST DUQUESNE BRID R N Y E 1 IVE 1TH ST H ASS R BYP 8 boundaries of the Business Improvement TH ST Y 9TH ST 10TH ST N A LLEG 7TH ST E 1 H ASS 10TH ST1TH ST BYP 8TH ST boundaries of the Business Improvement 10TH ST 6TH ST LLEG 7TH ST VD A VE A10TH ST DUQUESNE BL PENN A G FORT K A N E T Z S VE 6TH ST R P L . A A VD Z A GE VE A BEDFORD DUQUESNE BL ST PENN District and Greater Downtown. ANWIX ST A G FORT K A N E SEVENTH T S VE Z P R A FULLERT VE L . A A Z A TY FIFTH ST COMMONWEAL LIBER A VE CR BEDFORD A ST A STRA GRANT ON ST WFORD ST VE District and Greater Downtown. WBERRY P O I N T ANWIX ST SEVENTHSIXTH 9 K I-27 AVE FULLERT S TA T E PA R 9 TY W TRIANGLE A FIFTHTH RK A Y PA ST VE ST 1-57I-579 DOWNTOWN DEVELOPMENT COMMONWEAL LIBER P A VE CR L OLIVER ST W ASHINGT MARKET L A A STRA M GRANT ON ST WFORD ST VE E L L O S Q WBERRY C R Y RK MARKET U A R N NN P O A S N T A S P O I SQUARE E P T P A R O W9 SIXTH PE K N I TEW 9 K -27 ER 34 T E PA R T W TA GA ON PL S 9 N FIFTH TRIANGLE E A TH PL C A Y PARK ST VE 1-57I-57 AVE WILLIAM CENTRE AVE M E L L O G WOOD ST R E N W OLIVER ST E N FOUR ANWIX ST FORBES ASHIN MARKET ST TH A M E L L O VE S Q AVE C Y MARKET U A R N R O A ARK THIRD S S SQUARE E P T A R O W GT K N PPG PAINTS ARENA TEW AVE BRIDGE GA FIFTH ON PL Y PITT CENTER P A AVE W CENTRE ST PRIDE FORT WILLIAM PENN PL AVE I M E -37 L L O 6 G WOOD ST R E N E N FIFTH A BL CH AVE FOUR FIRST VD OF CHERRY ST ANWIX ST FORBES M THAM SQ THAM I-37 A A ST GEE 6 ST TH VE THE WATSON ST AVE A ALLIES SMITHFIELD ST GRANT M FORT VE THIRD SS ST L W CARSON ST O PITT FORBES E PPG PAINTS ARENAAVE N BL RO TUNN A O ST STEVENSON BRIDGE T VE VD PIT N Y RT G A PITT FO AH W PRIDE ST PRIDE FORT HIGHMARK ST I-37 EL LOCUST ST 6 F I R S T S I FIFTH A A P CH A ADIUM BL ST A R D VE FIRST VD OF CHERRY K E R ST MAGEE IVE NT SQ THAM I-37 6 AVE THE WATSON ST ALLIESR SMITHFIELD ST GRA M FORT FIRST L W CARSON ST O PITT FORBES E Thr AVE ee ROSS ST A N BL Rivers VE SECOND UNN H BRIDGE ACKNOWLEDGEMENTS T STA eri O ST T VD tage ALLIES TION SQUARE Trai THE l PIT N A EV BLVD OF RT VE G ENSON FO AH I-376 HIGHMARK ST I-37 LOCUS VE 40 EL T ST SECONDST A 6 SMITHFIELD ST F I R S T S I ADIUM A PA R D R K E Three Rivers Heritage Trail IVE W CARSON ST 10TH ST R BRIDGE BRIDGE FIRST TY Thre e Ri A vers VE LIBER BRIDGE SECOND STA Heri tage ALLIES TION SQUARE Tra THE il VD OF AVE BL E CARSON ST E S TATION SQUARE DR. I-37I-376 6 SECOND AVE SMITHFIELD ST Three Rivers Heritage Trail W CARSON ST 10TH ST E CARSON ST BRIDGE BRIDGE TY LIBER E CARSON ST E S 2 TATION SQUARE DR. 3 E CARSON ST BY THE ACCOLADES NUMBERS OFFICE, EMPLOYMENT & HOUSING & RETAIL & EDUCATION POPULATION RESTAURANTS PITTSBURGH IS THE #1 CITY IN AMERICA FOR JOBS – GLASSDOOR, 2018 ONE OF AMERICA’S MOST (OUT OF 8) – BROOKINGS INSTITUTE, 2018 113K workers 15,860 residents 66 outdoor cafés with DIGITALLY INCLUSIVE TECH CITIES 1,360 dining chairs 35M square feet of 7K residential units TOP TECH CITY HOTSPOT (OUT OF 15) – FORRESTER, 2018 #8 BEST METRO rentable office space 64% of restaurants and 4K residential units 69% of retailers Golden Triangle Class A in the pipeline are locally owned AREA IN THE COUNTRY FOR MINORITY ENTREPRENEURS – LENDINGTREE, 2019 #20 (OUT average asking rate = $29.61 per square foot (1Q 2019) Average one-bedroom rent: 42 retail and $1,627 restaurant openings OF 40) MOST VIBRANT ARTS COMMUNITIES IN AMERICA - SMU NATIONAL CENTER Golden Triangle Class B in 2018-2019 average asking rate = $20.95 Average two-bedroom rent: per square foot (1Q 2019) $2,051 FOR ARTS RESEARCH, 2018 #3 COOLEST CITY IN THE WORLD – NATIONAL 5 Fortune 500 Companies totaling $87.8B in revenue GEOGRAPHIC, 2019 #2 MOST LIVABLE CITY IN AMERICA - THE ECONOMIST, 2018 Ranked 13th in venture capital investment dollars BEST U.S. CITY FOR MILLENNIALS - APARTMENTLIST.COM, 2018 #2 SAFEST per capita nationwide HOTEL, CULTURE & ENTERTAINMENT 95K college students within PLACE & AND MOST AFFORDABLE PLACES TO LIVE – REALTOR.COM, 2019 PEOPLE 10 miles of Downtown ENVIRONMENT THAN ANY OTHER U.S.
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