Pittsburgh December 2020 – Key Take-Aways

• Seeing very strong rent growth in areas you would not normally see that – such as Scranton. 
• Logistics and ecommerce is going to be strong going into 2021. 
• Assessing the year end impacts of COVID and working with tenants on rent deferrals.  Doing quite a few lease extensions and spreading the rent deferral out over the next year. 
• Office market in downtown is not ‘pretty.”  Rents in the low 20’s 
• Liquor licenses are maintaining value.  Been a very busy year selling liquor licenses. 
• Deferral agreements that are set to start next month are being re-negotiated.  
• Cyber space has been replacing physical space for several years, however, the pandemic has exacerbated this trend. 
• Diamonte Walker, Executive Deputy Director with Urban Redevelopment Authority provided an engaging presentation on their programs, initiatives and projects. 
  • In response to COVID-19 URA deployed $6.8M in funds to small businesses and $1.8M in grants for housing support. 
  • Provided an overview of Some of their current redevelopments:
    • Hazelwood 4800 Block redevelopment on an existing community asset. 
    • Lower Hill District – 28 acres of land both historical and
    • modern day.