Central Business District Booming with News of Office Space Development
Sources: Q2 2012 Pittsburgh Office Market Highlights; CoStar
Excitement is growing for the possibility of new downtown Pittsburgh high rise buildings, offering a blend of new office and retail space. Development plans announced in Q2 2012 are all located near Market Square, fresh off a $5 million makeover. The Pittsburgh Business Times and CBS Pittsburgh reported the six-story building at 441 Smithfield Street will either be replaced with a new 33-story, 772,000 SF Class A office skyscraper stretching along Smithfield Street between Fifth and Forbes Avenues, or it will receive full Class A renovation, offering 180,000 SF of office space along with 20,000 SF of ground-level retail. Additional development plans include: a $400 million, 33-story Tower at PNC Plaza under construction on Wood Street; The Gardens at Market Square, a 17-story high-rise featuring 95,000 SF of office space, a 175-room Hilton Garden Inn, 23,000 SF of retail and a 325-space parking garage; and the conversion of the old State Office Building into residential living. Site Selection Magazine reports Pittsburgh’s Central Business District has welcomed $5 billion in new capital investment in the last six years.
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“Pittsburgh has been very fortunate to be the home of growing financial organizations and hospital groups,” said Patrick Sentner SIOR, Founding Principal at Colliers International | Pittsburgh. “In addition, our location at the epicenter of Marcellus and Utica Shale plays, combined with the many technology spinoff companies coming out of our various colleges and universities, have continued to strengthen our office market.”
Posted on September 4, 2012, in Economy, Office and tagged Commercial Development, Leasing, Pittsburgh Commercial Real Estate. Bookmark the permalink. Comments Off on Central Business District Booming with News of Office Space Development.