WHY WHY PITTSBURGH NOW?

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Isabel Fletcher
5 years ago
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2 entlemen: June 24 elcome to Pittsburgh. I have been fortunate enough during the past two years to be introduced to and build relationships with a number of key businessmen and public officials, all of whom are long-term residents, stakeholders, and innovators in the economic growth of Pittsburgh. I thought it was the right time to convene this meeting to present to each of you an exposure to what arren ipnis and I have evidenced as the renaissance and transition of Pittsburgh from its early growth and reliance upon a teel Industry based economy. uring the next two days we will afford you a first hand opportunity to meet many of those individuals, with whom we have built relationships, and hopefully also have the opportunity to see development and investment opportunities and why I believe it is a most opportune time to enter, invest, or develop in Pittsburgh. ranswestern s esearch & I specialists prepared this brochure, to provide you with factual data to support hy Pittsburgh - hy Pittsburgh ow. It also contains the latest analysis of how Pittsburgh is viewed by other economic organizations. obert Bagguley hief Innovation fficer obert.bagguley@transwestern.com

uring the late s, cottish immigrant ndrew arnegie led the expansion of the merican steel industry. uring this time Pittsburgh was at the center of steel production.

4 U I he ity of Pittsburgh he ity of Pittsburgh was incorporated in 6. ith a rich culture of ative merican and olonial history, the ity is best known for being at the epicenter of the industrial revolution. uring the late s, cottish immigrant ndrew arnegie led the expansion of the merican steel industry. uring this time Pittsburgh was at the center of steel production. Increased steel production allowed the great U railroad expansion of the late nineteenth century. ther Pittsburgh innovations included aluminum, glass, shipbuilding and petroleum. t one time, the city produced over percent of the nation s glass. II P, PI uring most of the 2th century Pittsburgh was considered third in corporate headquartered employment, after ew ork ity and hicago. In the s during merica s deindustrialization period (the process of social and economic change caused by the removal or reduction of industrial capacity), thousands of blue collared workers were laid off and various steel mills shut down. s a result the global headquarters for ulf il, unbeam, ockwell and estinghouse relocated out of Pittsburgh. owever the city, and surrounding region, is still home to United tates teel, PP Industries, ick s porting oods, and esco International among many others. 4

PI PI? evitalization & conomic rivers espite a long-term decline in population which has only stabilized in the past 5 years, Pittsburgh has rightsized its infrastructure.

5 PI PI? evitalization & conomic rivers espite a long-term decline in population which has only stabilized in the past 5 years, Pittsburgh has rightsized its infrastructure. o paraphrase the words of arvard economics professor dward laeser, Pittsburgh has begun the process of shrinking to greatness. hrough its revitalization, the ity of Pittsburgh earned the title of merica s ost ivable ity by Places ated lmanac, Forbes and he conomist. ccording to ikipedia, pple, oogle and Intel are among the,6 technology firms generating B I I, PI $. billion annually in Pittsburgh payrolls. he ity is home to nine Fortune companies and six of the top U law firms. he largest job growth in the region among high-wage sectors was created by higher education and healthcare, according to a report produced by Pittsburghfuture.com. ong associated with the steel industry, Pittsburgh could have been another ust Belt city in the middle of a long-term population and economic decline. owever, over the past decade it s economy has reoriented itself around its higher educational institutions such as arnegie ellon University (U) and the University of Pittsburgh (Pitt), as well as its world class medical research facilities at the University of Pittsburgh edical enter (UP). s a result, the metro area s eds and meds institutions have contributed billions of dollars to the local economy and employ over, people. U is a private research university with a global leadership reputation in technical fields such as computational finance, information systems and management, product design, and electrical engineering. ith an endowment of nearly $.4 billion and a student enrollment of nearly 3,, U is a major economic driver in the Pittsburgh metro area. U has been instrumental in helping to create over, companies across industries such as robotics, software, energy, healthcare, and finance with 36 new startup companies created locally in 23 alone. 5

6 , 4, 3, 2,, ity of Pittsburgh Population evitalization & conomic rivers (ontinued) Pittsburgh popluation is stabilizing. ity of Pittsburgh population has decreased 2% since. owever, the population has stabilized with.2% growth since the 2 ensus. PUII PPUI I PI I PIPI B I FI I.. U nnual Population vs Productivity rowth (2-2) igher skilled/wage industries are growing. lthough the Pittsburgh metro has lost population over the past decade, Pittsburgh workers have been more productive meaning the area economy has re-oriented itself around higher skilled/wage industries. UI PI U.. vs. Pittsburgh etro nnual Job rowth by ector II & I UI UFUI I FII I PFI & I I UI & I IU & PII I ocal sectors are seeing job growth. ocal sectors such as ining & ogging, Information, Financial ervices, and eisure & ospitality have all seen job growth in the past year. 6

7 PI PI? evitalization & conomic rivers (ontinued) he University of Pittsburgh (Pitt) is a public research university closely affiliated with the University of Pittsburgh edical enter. It has an endowment of just under $3 billion and a student enrollment of nearly 29,. s a result, Pitt s research programs support over 23, local jobs and imports more than $22 million in research funding into the region making it a major economic driver for the Pittsburgh metro area. U PPI &P I. I U I B I & P PPI Q PUI X II P. PPI U I I II B X U P I op arcellus hale perators by o. of ells in the reater Pittsburgh rea eadquartered at the U teel ower, UP (University of Pittsburgh edical enter) is the second largest employer in the tate of Pennsylvania. UP employs more than 62, people in 2 hospitals and has been consistently ranked by U ews & orld eport as one of the most prestigious healthcare enterprises in the world. It has a long history of medical research and innovation including the development of the polio vaccine under Jonas alk. It continues to forge close links with major pharmaceutical and medical device companies including locallybased major corporations such as cesson, Bayer U, and edrad. op ounties by o. of ells I B B ost notably, arcellus natural gas is a large income generator for Pittsburgh. ncompassing over 4, square miles, drilling activity began in 2. arcellus and Utica hale developments are now producing around the same s as audi rabia. ccording to a recent article, not only are new pipelines being constructed and existing ones being expanded, but in certain parts of the ast, pipelines are being reversed to different parts of the country. he arcellus is at the epicenter of the change of gas flows across orth merica, oody s reported. 7

8 U I randview/ount ashington rea he randview area of Pittsburgh sits atop ount ashington overlooking the ity of Pittsburgh s skyline. he name ount ashington originates back to the 7 s when a young eorge ashington stood along what is now randview venue and mapped the land and rivers for the British to claim. In early history, ount ashington was known as oal ill and once had several mines operating at the base of the hill close to the banks of the onongahela iver. ount ashington s uquesne incline opened to the public in ay 77. arious inclines were constructed in the th century in Pittsburgh as a means to help carry passengers, horses and light freight up the steep slopes of the city. he inclines were introduced by erman settlers which were known as eilbahns from their home country. he uquesne incline is one of two remaining that still exists in Pittsburgh and operates as a tourist attraction providing stunning views of the ity. ow a vibrant, high-end community, home values in ount ashington have a wide value range from $3 to over $. he area also boasts parks, hiking and various amenities including estaurant ow which is home to Pittsburgh s high-end dining that provides excellent views of the city.

9 he ivers asino PI PI? einz Field arnegie cience enter estaurant ow Point tate Park Point of iew Park PI uquesne Incline UBJ PP randview ommons estaurant ow U I Fort Pitt unnel randview/ount ashington erial ap lympia Park ubject Property Points of Interest eighborhoods 9

hrough tax increment financing it was able to lure ome epot and hole Foods to the area. Both successfully thrived.

10 PU, B QU ast iberty rea he ast iberty area of Pittsburgh is a culturally diverse neighborhood that began a gentrification starting in the mid 9 s. he ity of Pittsburgh made strides by demolishing housing projects surrounding the area and first worked towards attracting big box retailers. hrough tax increment financing it was able to lure ome epot and hole Foods to the area. Both successfully thrived. hortly thereafter oogle purchased the Bakery quare building, another sign of the neighborhoods success. arnegie ellon and University of Pittsburgh, both heavy research institutions help attract incubator notable companies such as pple and hinkiv. he area also houses unique restaurants and bars like affle hop, Paris 66 and poon. PU, B QU

11 PI PI? aspstation arget IB Info BFI hinktiv, ome epot arget Intermedix omputational iagnostics, igital ite ystem F Universal omponentne cience2games pple tore rader Joes oogle ampus Bakery quare ite partment evelopment 366 Units arnegie ellon University QUI I ast iberty erial ap Bob onnor olf ourse ech ompanies Points of Interest ajor evelopment Projects eighborhoods

12 B U I ower ill evelopment 2 cres I holey Building Proposed partments 44 Units 2 he ndy arhol useum he ivers asino einz Field P Park avid awrence onvention enter F I arnegie cience enter Point tate Park estaurant ow PI UBJ PP randview ommons tation quare U I iberty Bridge uquesne University onsol nergy enter I BI XI 2

13 2 PI PI? IB I BFI oogle ampus Bakery quare I II PI I I ite partment evelopment 366 Units Petersen vents enter University of Pittsburgh arnegie ellon University arnegie useum QUI I Pittsburgh erial ap U I ubject Property reas of Primary Interest ther Points of Interest ajor evelopment Projects eighborhoods Z.5 2 iles 3

X X X FF U FF U emographic & conomic aps B II I I BIP I 4 II III I U I U owntown I III Pittsburgh FF PI miles I.. III I I 2 miles BIP BI PIPI B III J 3 miles 4 miles BI I P U U.

P 3 I P I 2 P UI I onstruction U III P U FI PI, ctivity II 5 P U I FI P P ast iberty BFI Pittsburgh, P 2 6 owntown PI, P ubject eighborhoods U.

14 X X X FF U FF U emographic & conomic aps B II I I BIP I 4 II III I U I U owntown I III Pittsburgh FF PI miles I.. III I I 2 miles BIP BI PIPI B III J 3 miles 4 miles BI I P U U.. P I 25 P iles U: F : 5/27/24 3 BI I P opyright 23 ranswestern. P 3 I P I 2 P UI I onstruction U III P U FI PI, ctivity II 5 P U I FI P P ast iberty BFI Pittsburgh, P 2 6 owntown PI, P ubject eighborhoods U.. P FF ast onstruction ctivity I iberty BFI U: U 2 5 ount ashington 5 by Property ype ubject eighborhoods Flex I PI BZ U I F ealth-are QUI I onstruction ctivity I 6 owntown I U I P ospitality U FF Industrial by Property ype 5 ount ashington he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. ixed-use 5 BI Flex I he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Brokers icense # BI opyright 23 ranswestern. PI BZ ulti-family QUI I U U I F QUI ealth-are I B I. I ffice FI etail ospitality U I P on I I 5 BI U I B 2 I I UB BI UB B B I BI I I BI IB BI 5 B BI F I B I B BI I I I IB BF I 2 I. I Z QUI I ZU he information provided herein was obtained from sources believed reliable; however, ranswestern makes Z no guarantees, warranties or representations as to the completeness or accuracy thereof. he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. opyright 24 ranswestern. B I III BI B F I F II I PP B I.25.5 iles Pittsburgh I I I F PB 5 B 6 Z PI I PI miles I.. FF I IB BF 2 II B I F I U I F U I P I 5 B I IPI I. I 4 P BI B 6 5 B U I 2 2 miles BI I IPI B FB II JP 4 P BIP BI B 5 PIPI B B U 2 I FB II FI U II J B 5 2 Z Z 3 miles BI II Z FI FB U B I 7 he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Brokers icense # opyright 23 ranswestern. 2 U B I U I 2 U I UB B I BI UB FB U I I I I I PP PP B B I B I PP.25.5 iles I I F 4 miles PB I I I B UQU I PP I PP B B Z B I PI IB arcellus hale U Pittsburgh ortheast United tates UI Pittsburgh, III P P mile adius 2 mile adius 3 mile adius 4 mile adius arcellus hale I UI F : 5/27/24 Industrial ixed-use ulti-family ffice etail miles U: : 6//24 U: : 6//24 PI I.. III I I 2 miles BI PIP he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations FI as to the complet he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Brokers icen I BI B BI F I B I F II I B BI 6 I I I 5 IB BF I IPI 2 B JP 4 P BI B B U U BFI I FB 2 II B I 5 QUI I FI Z 2 Q BI II Z he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the complet he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Brokers icen opyright 23 ranswestern.

15 X X PI PI? emographic & conomic aps (ontinued) U I 2 I UB B U BI I 2 P I UB BI B I B PP P I F B PP I I 6 ount ashington BI I PB I 5 Z PI U ount ashington BI F I 6 PB I 5 Z PI P BI IB P U I U BI 5 B BI BI F I P U I IB BI 5 BI owntown II B I B B I F I F F owntown II B I B I 6 5 BI 2 FF I I IB BF 2 U I F U I P I 6 5 BI 5 2 FF I B I IPI I. I I JP 4 P BI B U I F U I P I 5 IB BF I IPI 2 B I. I 4 P JP B U BI B B U 2 BFI I FB U II FI B I 5 QUI I FI Z 2 BFI I FB 2 II I P ast iberty QUI I U Z II Z FI I 5 FI Z U B I 7 FB I PP PI BZ I I 3 I PP B B.25.5 iles QUI I 2 B I P ast iberty QUI I U Z II Z U B I 7 FB I PP PI BZ I I I B PP B.25.5 iles ge istribution Pittsburgh, P ubject eighborhoods argest ge roup by ensus Block in ears ext eneration orkforce (<35) urrent orkforce (35-) ging Boomers (-7) eniors (7+) U: I PP : 6//24 edian ousehold Income Pittsburgh, P ubject eighborhoods edian ousehold Income ($) 7,62-4, 4, - 6, 6, -,, - 22, U: I PP : 6//24 he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. opyright 24 ranswestern. 5

16 at'n Park ospitality ocal mp. at'n Park4,7 ospitality 4,7 ocal mp. FI P FI I I erizon ommunications 4,2 ocal mp. PI, P PI, P BFI argest ocal mployers P ighmark 5,4 ocal mp. P I B P Port uthority of llegheny ounty 2,472 ocal mp. lcoa, ocal mp. I FI P P I I I I I I I P U P U est Penn llegheny ealth ystem 9,99ealth ocal mp. est Penn llegheny ystem 9,99 ocal mp. lcoa, ocal mp. lcoa, ocal mp. I P I P 3llegheny ealth ystem est Penn 3 9,99 ocal mp. P at'n Park ospitality 4,7 ocal mp. I I P U I P B P I I B P B I P I I I P BI I U I I I I U emographic & conomic apsp (ontinued) BI I P U I I BI I B U Pittsburgh Public chools 3,959 ocal mp. B I B PP U U B I UQU 7 B I PP atapult lc 5,43.F. ccupied 4 7 I I B I U X ommunications, 7,3.F. ccupied onfluence echnologies, 25,.F. ccupied B B P I J I B I I I I 2 PP I I I I F I B I t. lair ospital,75 ocal mp. P U Z 2 2 P B I U J J I I B I I I I I 2 F BI BI University 4,63 ocal mp. argest ocal mployers B B uquesne,95 ocal mp. B B B Z Z F B 2 PI ubject eighborhoods P 2 3, ocal mp. 2 ast iberty PI, P P I I PI 2 P Pittsburgh, P B B P I P B 2 P I llegheny echnologies I I B I P B n P 3 PP Industries P U overnment University of Pittsburgh P I Port uthority of llegheny ounty 2, ocal mp. I P ubject eighborhoods P 2,6 ocal mp. 5,32 ocal mp. ocal ounty mp. Port uthority of2,472 llegheny I B ubject eighborhoods P ommonwealth of Pennsylvania 2,472 ocal mp. ast iberty I B erizon ommunications 3,29 ocal mp. argest ocal mployers BFI I astp iberty UP 4,2 ocal mp. erizon ommunications argest ocal mployers BFI 43, ocal mp. UB 4,2 ocal mp. QUI B B 6 I U B ighmark arnegie ellon University B FB Pittsburgh Public chools B B I 5,4 ocal mp. ighmark U I 4,63 ocal mp. 3,959 chools ocal mp. B at'n Park ospitality Pittsburgh Public I 5,4 ocal mp. I 2 ount ashington 3,959 ocal mp. PP Industries llegheny echnologies uquesne University 4,7 ocal mp. U overnment University of Pittsburgh 2, ocal mp. I PP Industries 3, ocal mp.,95 ocal mp. 2,6 ocal mp. of Pittsburgh 5,32 ocaluniversity mp. U overnment P U 2, ocal mp. P FI I ommonwealth of Pennsylvania 2,6 ocal mp. 5 I,32 ocal mp. P BZ owntown PI ity of Pittsburgh P 3,29 ocal mp. I I ommonwealth of Pennsylvania UP U I F PIBZ 3,4 ocal mp. 3,29 ocal mp. I I t Penn llegheny ealth ystem B Port uthority of llegheny ounty 43, ocal mp. UP U QUI I B 6 FI llegheny ounty ocal mp. 9,99 ocal mp. 2,472 ocal mp. 43, UB I I B B 6 arnegie ellon University QUI FB 6,72 ocal mp. FB U I P 4,63University ocal mp. arnegie ellon FB FB Z B ellon lcoa erizon ommunications I ount 2 mp. BFI 4,63 ocal ashington 7,6 ocal mp. llegheny echnologies uquesne University 2, ocal mp. 4,2llegheny ocal mp. ount ashington 3, ocal mp. echnologies ocal mp. uquesne,95 University United tates teel I BI 5, ocal mp. 3, ocal mp.,95 ocal mp. QUI I U B owntown ity of Pittsburgh Z QUI I U BI B I F U owntown ighmark U U 3,4 ocal mp. ity of Pittsburgh B B Pittsburgh Public chools U. I I F B I 3,4 ocal mp. 5,4 ocal mp. FI I llegheny ounty 3,959 ocal mp. FI 6,72 ocal mp. llegheny ounty U I P I 6,72 ocal mp. PP Industries Z U I P B ellon I University of Pittsburgh U overnment I B Z B 7,6 ellonocal mp. 2, ocal mp. I 5,32 ocal mp. 7,62,6 ocal mp.ocal mp. United tates teel P I 2 I BI onwealth of Pennsylvania 5, teel ocal mp. BI United tates I BI 5, ocal mp. Z BI I PI BZ 3,29 ocal mp. U I I Z B BI U UP. I B I B Z. I U B I 43, ocal mp. Z QUI I BI I UB I P B B arnegie ellon University B FB FB I FI I UQ U B I UQU I I BI PP I I B UQU I B BI B I BI I he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the comple he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Brokers icen opyright 23 ranswestern. U: U: esign, I FF I 32,66.F. ccupied he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. 6 he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. opyright 24 ranswestern. information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. ccess atahe orp. racking echnologies.25.5 he presentation of this property is submitted subject to errors, omissions, change of price or conditions,indatrix, prior sale or lease, or withdrawal without notice. Brokers icense # iles opyright 23 ranswestern. 33,522.F. ccupied 34,2.F. ccupied he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, representations as to the completeness or accuracy thereof. 6,2warranties.F.orccupied.25.5 he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Brokers icense # iles opyright 23 ranswestern. lcatel-ucent arnegie earning, oda ne 36,436.F. ccupied 5,23.F. ccupied I I B I B B I UQU I 7 PP PP B I I I I P I J I I I B I B I I F I iles P B P U ellomics, 6,244.F. ccupied : 6//24 J J B B I I B I I unt Pictures orporation 4,36.F. ccupied B F UB U F B PI U: I I B B ajor echnology enants I F I B P 6,.F. ccupied completeness 2 or accuracy thereof. he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the PI QUI I U B 2is submitted subject to errors, omissions, change he presentation of this property of price or conditions, prior sale or lease, or withdrawal without notice. Brokers icense # BI opyright 23 ranswestern. I PI 2 evel 3 ommunications, BI I 6,.F. ccupied U.25.5 B B I ubject eighborhoods B I P Pittsburgh, PI, P J B B I B B I I I I I I 6 astiberty echnology enants 2 B 6 owntown B I I 6 I I I B J J J ajor I B I I I I I he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the comple 2 B I owntown I I BI I I UB PI.25.5 teel ity edia he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior2th sale or lease, or withdrawal U entury Fox without notice. Brokers icen QUI I U iles opyright U: 23 ranswestern. PI I I : 6//24 P 2,23.F. ccupied 3 25,45.F. ccupied ity of Pittsburgh B P I I U: : 6//24 BI I B 2 79 atrix olutions B U I F B arner Brothers 3,4 ocalump. P 3 2 t. lair ospital atapult I P,.F. ccupied B 57,45.F. ccupied onfluence echnologies, F I lair,75 ocal mp. 5,43.F. ccupied I t. ospital 25,.F. ccupied 4 FI I dvanticom, BFI llegheny ounty F I,75 ocal mp. U P atapult I P onfluence echnologies, 6,63.F. ccupied P X ommunications, 6,72 ocal mp. 5,43.F. ccupied 25,.F. ccupied 4 I U I P 7,3.F. ccupied unard FI I riba, UP I echnology I X ommunications, he information provided herein was obtained from sources believed reliable; however, ranswestern Z 23,922.F. ccupied makes guarantees, warranties or representations as to the completeness or accuracy thereof..f. ccupied no # B ellon ,554 evelopment enter teel ity edia he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior2th sale or lease, or withdrawal notice. Brokers icense I entury Fox without 7,3.F. ccupied he information provided herein however, ranswestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. was obtained from sources believed reliable;atapult iles opyright 23 ranswestern. FI lc I P ,536.F. ccupied 2,23.F. ccupied UP echnology he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Brokers icense # PI, P echnologies, 5 7,6 25,45.F. ccupied I mp. ocal oot ports I iles P evelopment enter teel ity edia opyright 23 ranswestern. 5,43.F. ccupied owntown 2th entury Fox oogle, atrix olutions pple, 23,77.F. ccupied.f. ccupied 4 arner Brothers.F. ccupied 2,23.F. ccupied 4,536 ast I iberty,62 PI, P 25,45.F. ccupied.f. ccupied,.f. ccupied 2 2,46.F. United tates teel, P 57,45.F. ccupied B ount ashington F I BI oogle, atrix olutions 2,.F. ccupied unications, 5, ocal mp. arner Brothers QUI BFI ast iberty B ubject eighborhoods U,.F.dvanticom,,62.F. ccupied ccupied 2 B B 57,45.F. ccupied 6,6.F. ccupied P Z.F. ccupied U FI ational yber Forensics and raining llia dvanticom, UP echnology ubjectajor eighborhoods unard BFI echnology enants B B I riba,,.f. ccupied 6,6.F. ccupied P 23,922.F. ccupied. I evelopment enter y edia 2,554.F. ccupied B I 2th entury Fox unard Z ajor echnology enants I riba, 4,536.F. ccupied ccupied 5.F. ccupied QUI 23,922 oot ports I 25,45.F. ccupied 2,554.F. ccupied owntown pple, 23,77.F. ccupied evel 3 o ccupied 52,46 PI BZ.F. oogle, oot ports utions, I B 6, arner Brothers ount ashington F owntown pple, 23,77.F. ccupied 2,.F. ccupied QUI I.F. ccupied,62 ccupied 2 UB B PI BZ 2,46.F.ccupied 57,45.F. ccupied, ellom B B ount ashington F 6,244.F. 2,.F. ccupied ational yber Forensics and raining QUI Illiance FB UB com, BFI B Paramount Pictures orporation,.f. ccupied e B 4,36.F. ccupied ccupied ational yber Forensics and raining lliance FB 32,66.F. P BI,.F. ccupied ccess ata orp. QUI I U eleracking echnologies indat I unard 33,522.F. ccupied 34,2.F. ccupied 6,2.F. I evel 3 I ommunications, QUI U 23,922.F. ccupied lcatel-ucent arnegie earning, 6,.F. ccupied ccupied oda 36,436.F. ccupied 5,23.F. ccupied BI evel 3 ommunications, 24,.F. U ellomics, 6,.F. ccupied 5 6,244.F. ccupied ports ynao I I orporation ellomics,,.f. Paramount Pictures pple, ccupied esign, 2 6,244.F. ccupied 4,36.F. ccupied B 32,66.F. ccupied B PI BZ 2,46.F. ccupied I Paramount Pictures orporation, B ccess ata orp. esign, eleracking echnologies indatrix, F 4,36.F. ccupied PI 32,66.F.2 ccupied 33,522.F. ccupied 34,22,.F. ccupied.f. ccupied 6,2.F. ccupied BI QUI I ccess ata orp. eleracking echnologies I lcatel-ucent indatrix, arnegie earning, F oda ne 33,522.F. ccupied 34,2.F. ccupied 36,436.F. ccupied 5,23.F. ccupied 6,2.F. ccupied I BI 24,.F. ccupied lcatel-ucent arnegie earning, and raining lliance ational yber Forensics FB U oda ne 36,436.F. ccupied 5,23.F. ccupied ynaox BI UB 24,.F. ccupied,.f. ccupied I,.F. ccupied B 2 B ynaox UB : 6/2/24 : 6/2/24

17 B B I B I UQU UQU I I X I I I B I PP 7 B I 2 Pitt hio ev $3,2, BFI argent lectric ev $2,, P B U ubject eighborhoods argest Private ompanies I I 5 I P P argest Private PI PI ompanies B I FI ev $24,, I : 6//24 I I B I P I F 6//24 : PI PI PI PI PI, P B B B X 7 B B B B I B I B X PP PP I I I I I I I P X I at'n Park ospitality ev $,, F P oldings ev $47,743, U auer I J I B 2 Z U I B. I I I I ulti-family Z B Q 2 B U he P information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the complet ervices he presentation of this property is submitted subject to errors, omissions, change of price or conditions,imbach prior sale or Facility lease, or withdrawal without notice. Brokers icen I QUI I I I B P B I I B I I I 5 B B FI opyright U: 23 ranswestern. 3 I BFI B B U I P BFI I I Pitt hioev $3,2, 2 U I P P B B opyrightev 23 ranswestern. $263,, B I I I P U at'n Park ospitality F I I U I F BI I ascaro onstruction 3 P I U: ev $263,, F I I I I P I F B I ubject eighborhoods B U BI 2 iles P PI I Z I I B F I I B I B Iype by Property I 2 B onstruction ctivity B 2 QUI I U U I BI I I Z B I I U I BI 5 B ultifamily UB I 6 P Z FB B PI BZ I B I I B I B I B P B Z P 2 I Z PI BZ FB U auer oldings I.25.5 ev $47,743, auer oldings FI U $47,743, ev P 2 B F P U P B I F 2 PI, ultifamily PP by Property Pittsburgh, ype FB Z U FI QUI I U FI FI ixed-use onstruction II ctivity QUI I U BI PI BZ Z P P P B I I P I J I QUI I U J I I Z 2 U QUI I ast Iiberty 5 B. I I 2 I I F 3 I B. I I I P B 3 B B auer I oldings ev $,, I F PJ ick/rumbull/indy FI Paving I P U ev PI, P he information herein was obtained from sources believed reliable; however, makes no guarantees, warranties or representations as to the completeness or accuracy thereof. P $669,, at'n ranswestern Park ospitality ev $47,743, provided # tarist ervices P I he presentation ofthis property is submitted subject to errors, omissions, change of price or conditions, priorimbach sale or lease,facility or withdrawal without notice. Brokers icense B I ev $,, 3 opyright 23 ranswestern. FI ev $7,, ev $24,, ateway ealth P U ubject eighborhoods P I P I imbach Facility ervices P $,545,52,4 ev from sources believed reliable; however, he information provided herein was obtained ranswestern makes Pitt no guarantees, warranties or representations as to the completeness or accuracy thereof. F Z evhio $24,, ascaro onstruction omissions, ast iberty he presentation of this property is submitted subject to errors, change of price or conditions, prior sale or lease, or withdrawal without notice. Brokers B icense # P I I P B B I B B B P 2 B I I I BI U I F P I I B B U U I P B I F 2 B U F U B I P F QUI I I 5 I BI I I P 5 I I I I 5 5 iles F B I 5 B I I P I 2 P I 6 P U I I P I P U 5 I P P I I FI I I P 4 P UI UI UI 3 II UI UI ulti-family II PI, P UI P I I P I Z PI PI BI I P iles BI I.5 B.25 I Z F F I I P BI I U I B I I UB U I B I 5 UB BI BI 5 5 BI BI FF 2 I I U 2 I FI ast iberty BFI 6 owntown B PI, P B U B B B ubject eighborhoods U 5 BI B ast iberty B I P BFI FF I P onstruction ctivity B FI I 5 I P B B eighborhoods ubject F I B U B B B ashington by Property ype I ount I I 5 I I onstruction ctivity 2 PI PI? I P I 6 6 I F B hington I F B B B owntown B U 6 B I F I 2U I 5 B U F B I I I owntown P BFI B FF owntown B U 5 79 B BI ount ashington B I FF I ount ashington U I F F B I I U I P 5 U I F I 5 B I I U I I I I F I 4 I I F I F F B U P P U P U P I P P U P I B I U P P I I BI I I P I U I I I BI I emographic & conomic apsp (ontinued) BI I U I I I B I I B I X B I X UQ U I UQU B 7 I UQU I B I PP B B B X X 7 B B B I PP B I I B B B B PP B I I 7 B I I B I I B I B I P B J I 2 he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Brokers icense # opyright 23 ranswestern. I I I I I iles he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Brokers icense # Z opyright 23 ranswestern. F I.5 iles I B B U 2 P 5.25 : 6/2/24 U: Z B I P J I argest Private ompanies B I I J I I B B I I F I I P P I B B FI F ubject eighborhoods QUI I U iles I U U B B F F U I Z Z I P I Frank B Fuhrer oldings U I F B ev $22,, B PI, P Pittsburgh, P B U I P I I I I ast iberty P I he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Brokers icen opyright 23 ranswestern. U: I I : 6/2/24 PI U: I I : 6/2/24 he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the completeness or accuracy thereof. he presentation of this property is submitted subject to errors, omissions, of price or conditions, prior sale orno lease, withdrawal without notice. opyright ranswestern. I he information provided herein change was obtained from sources believed reliable; however, ranswestern makes guarantees,or warranties as to the completeness or accuracy thereof. 24 or representations BI I B I I P P B I B ev $,3,, I U I P J B ervices Industries 5,4, I I owntown UB dck orldwide ev $6,, ashington 2 I F I I B B I F B QUI I I P 6 ascaro iberty onstruction. I ast UB 2 B I B ev $3,2, argent lectric B B argest Private ompanies & ates BFI ev $263,, B U Z ev $,6,294, ev $2,, I I PJ ick/rumbull/indy Paving B 2 B U B I argent lectric iberty ire ecycling ount ev $669,, ashington tarist ev $2,, ev $327,, at'n Park ospitality IB I PJ ick/rumbull/indy Paving ev $7,, I ateway ealth ev $,, I eed mith I ev $669,, owntown 5 FI tarist I B ev $,545,52,4 IB ev $,3,, P U dck orldwide F ev $7,, Q P B BZ ateway ealth PI I ervices imbach Facility Frank B Fuhrer oldings P I I I ev 5 $6,, B U I F I ev $,545,52,4 F QUI I ev $22,, F 6 ev $24,, B UB & ates PIProfessional BZ ervices Insutries P B I B BI F ev $,6,294, QUI I ev $25,4, FI I 6 U I P FB 2 UB & ates I B Pitt hio iberty ire ecycling Z ascaro onstruction ev $,6,294, ount ashington I ev $327,, 2 FB ev $3,2, BFI ev $263,, 2 iberty ire ecycling 5 eedmith ount ashington owntown ev $327,, U I BI ev $,3,, QUI I U dck orldwide B U B B Z eed mith argent lectric BI Frank B Fuhrer oldings owntown ev $6,, B U F U U I ev $,3,, B ev $22,, B I QUI I U dck orldwide ev $2,,. I Professional ervices Industries Frank B Fuhrer oldings ev $6,, B ohrich utomotive U I F umbull/indy Paving ev $25,4, FI I ev $22,, I U I P ev $273,69,924 Industries Professional ervices I $669,, tarist I ev $25,4, B FI Z I U I I P ev $7,, I F 5 ay ealth Z I I I 5 I PI 2 I I BI,545,52,4 BI B U 5 Z BI I F U B PI BZ BI I B B I B U. I B Z BI F Z I QUI ohrich utomotive U U B B I ev $273,69,924 UB. I he information provided herein was obtained from sources believed makes no guarantees, warranties or representations as to the completeness or accuracy thereof. &reliable; ateshowever, ranswestern I Z ohrich utomotive he presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. Brokers icense B # B ev $,6,294, ev $273,69,924 opyright 23 ranswestern. FB 2 PI 2 iberty ire ecycling BI I ev $327,, PI 2 BI I eed mith U he information provided herein was obtained from sources believed reliable; however, ranswestern makes no guarantees, warranties or representations as to the complet PI.25.5 B F 7

18 eal state utlook trong healthcare, higher education, and energy drivers have positively influenced the Pittsburgh metro market in recent years. In the Pittsburgh B office market, lass vacancy was 9.% in Q 24 according to ostar. his is increased from 6.5% in mid- 23 due to nearly million square feet now under construction. sking rents are now 2% higher than the 5-year average. evelopers are now feeling confident in placing their bets in the market. ome new developments include P Bank s, square foot 4-story skyscraper called ower at P Plaza, as well as the 29, square foot ardens at arket quare project umber of ulti-family Units Under onstruction IB P U F F U I BI P II I I P I B & U B QU P UPI UPI P ccording to Zillow, Pittsburgh home values are up.7% in the past year and projected to increase another 3.5% in the next 2 months. In the multi-family market, occupancy was 95.9% with an average monthly rental rate of $, at the end of Q 24 according to PF esearch. he Pittsburgh multifamily market has seen 974 multi-family units approved for development in the 2 months ending February 24. ompared to the previous three years where annual multi-family approvals averaged approximately 4 units, the Pittsburgh area is seeing an increase in multi-family development and residential conversion projects. It should be noted that several high profile projects, especially in and around the revitalized downtown such as 5 First ide, Platt Place, he esidences at he Fairmont, and lark Building partments have been completed; some of which have waiting lists. ue to the success of these recent projects, several others are proposed such as the -unit former ivic rena redevelopment, as well as the 3-unit redevelopment of the former aks Fifth venue building on mithfield t. Further east, the astside III project centered on the new ast iberty ransit enter will bring more than 36 units in the latest transit-oriented development project in urban Pittsburgh.

19 PI PI? eal state utlook (ontinued) In terms of multi-family investment activity, Q 24 saw a total of $54.5 million in sales transactions according to eal apital nalytics which was a over-year increase of nearly 4%. s in many of the metros across the U, average cap rates for multi-family properties has decreased to a low of 6.56% due to the still-large appetite from investors for multi-family properties combined with low interest rates. ith pricing in core gateway markets approaching all-time highs, expect further investor interest in second tier markets such as Pittsburgh which continue to have strong underlying economic drivers. onclusion In conclusion, Pittsburgh is now entering an exciting period while it continues to right-size and leverage its competitive strengths in the ew conomy. he oil industry as a significant driver is creating and developing symptomatic businesses and opportunities in Pittsburgh s metro. ccording to an analysis done by the Pennsylvania conomy eague, in the -county Pittsburgh region it is estimated that the arcellus and Utica hale footprints are expected to drive the need for substantial assets for UQU II, U I U industrial development like highway, rail, air and river transport. skilled workforce is needed for direct and indirect jobs in both blue collar and while collar industries. his workforce will need housing and amenities. hile many national and international investors and developers tend to focus on larger metros on the coasts, it is only a matter of time before there is a migration to the Pittsburgh region and a focus for capital looking for higher returns outside of the overheated markets.

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IFHP Congress. Track 2 : Regenerating the East. Eric Sorensen, 11 June 2013

IFHP Congress. Track 2 : Regenerating the East. Eric Sorensen, 11 June 2013 IFHP Congress Track 2 : Regenerating the East Eric Sorensen, 11 June 2013 London Geography Port of London Docklands Abandoned Canary Wharf Abandoned Canary Wharf: 1982 THE 1970s - A LOST DECADE Everyone