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Release Date: Thursday, May 14th 2015

PITTSBURGH DOWNTOWN PARTNERSHIP RELEASES 2015 STATE OF DOWNTOWN PITTSBURGH REPORT

PITTSBURGH DOWNTOWN PARTNERSHIP RELEASES 2015 STATE OF DOWNTOWN PITTSBURGH REPORT


PUBLICATION PRESENTS KEY ECONOMIC INDICATORS THAT POINT TO A HEALTHY DOWNTOWN PITTSBURGH


Downtown Pittsburgh, PA – The Pittsburgh Downtown Partnership released today the 2015 State of Downtown Pittsburgh report. Through research, statistics and analytical data, the fourth annual publication provides a comprehensive look at economic development indicators in Downtown Pittsburgh as well as data set comparisons to similar Central Business Districts.


The 2015 State of Downtown Pittsburgh highlights seven key sectors that continue to make the case that the health and vitality of Downtown is ESSENTIAL and interconnected to the region. “With more than $5 billion dollars of transformative investment in Downtown Pittsburgh over the last decade, Downtown is well positioned,” said Jeremy Waldrup, President and CEO of the Pittsburgh Downtown Partnership. “The dollar amount of financial investment in Greater Downtown only continues to increase and the investments occurring are spread throughout sectors, particularly hotels, office buildings and residential developments, which is a fantastic indicator that amenities and attractions necessary for a world-class metropolitan city are being realized in Pittsburgh.”


The State of Downtown Pittsburgh report goes beyond informing the Downtown community; it provides important economic development information that is used in a variety of capacities. “The State of Downtown Pittsburgh report was instrumental in developing the initial marketing plan for the new Hotel Monaco Pittsburgh. It includes detailed market information that truly assisted us in shaping our overall plan for entering the market,” said Susan Randolph, Director of Sales and Marketing for Kimpton’s Hotel Monaco Pittsburgh.


Key Findings of the Report Include:

Residential living in Greater Downtown continues to be in high demand, with increased sales in the condo market
 Rental occupancy rates continue to top 90%
 One and two bedroom rental rates span from $1,252 to $2,471
 Condo sales increased 17% in 2014, with 76 condos sold at an average price of $332,115
 From 2010 – 2014, Greater Downtown population increased by 13%, with a total of 12,604 residents

Cultural and entertainment institutions, as well as hotels provide significant economic benefits to the city and region
 The annual economic impact of the arts on Greater Downtown is $252 million
 Total professional sports team attendance increased by nearly 7% in 2014 with over four million visitors
 The David L Lawrence Convention Center saw a 15.4% increase in the total number of visitors in 2014
 The supply of hotel rooms in Downtown Pittsburgh make up approximately 20% of the entire 10-county Western PA hotel market
 Overall occupancy rate for Greater Downtown hotels increased to 69.1% in 2014 compared to 66.8% in 2013

Downtown has developed into a hub for foodies
 There are nearly 300 dining establishments in Downtown Pittsburgh and 95 of them include outdoor seating
 In 2014, 23 new dining establishments opened in Greater Downtown, marking a 67% increase over 2013
 This trend will only continue as more than 85% of the retail space currently under construction or announced has been committed for restaurant use

The transportation sector saw interesting gains and new enhancements in 2104
 The Port Authority released TrueTime, the real-time vehicle tracking system for bus routes and currently developing signage that will make bus and rail stops easier to find and navigate
 Weekly Amtrak ridership out of the Downtown Pittsburgh station increased by 10.4% and trips on the Pennsylvanian line increased by 6% compared to 2013

Downtown remains a sought after location for businesses of all sizes to locate
 Downtown is the center of our region’s labor market, with 113,110 salaried jobs located in Greater Downtown
 However, with a Class A occupancy rate of 95%, finding the perfect location can be challenging

New developments continue to be announced, ensuring Downtown will continue to transform and meet the needs of our changing population
 In 2014 alone, 37 development projects valued at $526 million were announced, these projects involve 142 residential units, 356 hotel rooms, and 1.25 million square feet of office space
 The development pipeline includes: 1,513 Hotel rooms, 3,849 residential units, 3.3 million square feet of office space

Support for the 2015 State of Downtown Pittsburgh was provided by Presenting Sponsor: Urban Redevelopment Authority of Pittsburgh; Supporting Sponsors: Alco Parking, Huntington Bank, Point Park University; and Featured Sponsors: CBRE, Cohen & Grigsby, and HFF.


Data presented in the 2015 State of Downtown Pittsburgh is derived from many sources, which are noted in the publication, and covers activity within the boundaries of the Downtown Business Improvement District and Greater Downtown. Greater Downtown includes the Golden Triangle, North Shore, South Shore, near Strip District (to 31st Street), Lower Hill and Bluff/Uptown.
The complete Report is available for download at DowntownPittsburgh.com/sodp.

Downtown Made Easy Shop and Dine Guide State of Pittsburgh Downtown Made Easy Map

© 2014 Pittsburgh Downtown Partnership. All Rights Reserved. Site Developed by ZBrand Group, Web Software by Geocentric.
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