Outside investment has been strong the last three years in Pittsburgh. As new owners are entering the market, they are breathing new life into the old office product and helping Pittsburgh keep pace with modern real estate trends.
Out of the current 28 office renovation projects, 11 have been completed. Thus far, the Union Trust Building has benefited the most. With just 39% occupancy when purchased out of bankruptcy in 2014, today the Trophy Class building is seeing over 91% occupancy; a more than 133% increase.
Rounding out the top three are Nova Place (Allegheny Center) with a 7% occupancy increase post-renovations and the Koppers Building with a 5% increase. On the other hand, buildings like the Post-Gazette Building are pending commitment from an anchor tenant before commencing planned redevelopment.
Learn more in our annual Pittsburgh Renovations Report.