Excitement is growing for the possibility of new downtown Pittsburgh development. KDKA-TV’s Jon Delano reports Oxford Development, the owner of the building across from the Macy’s that stretches along Smithfield between Fifth and Forbes, has promised a major announcement that could mean more top-of-the-line Class A office space opening up in downtown Pittsburgh.
“The market, as far as office space particularly Class A, is as tight as it’s been in 20 years,” said Ed Lawrence MBA, Associate at Colliers International | Pittsburgh. It’s very difficult to find large contiguous blocks in downtown.” KDKA-TV’s Jon Delano reports part of the shortage is because some office buildings, like the old State Office Building, are being converted to residential, another sign of downtown growth. “From Market Square to Fifth and Forbes, the perception is changing,” says Lawrence. “It’s amazing the turnaround and renovation that is taking place in that part of town.”