In late January, ULI Pittsburgh convened real estate experts to unpack real estate trends in Pittsburgh for 2023. The event opened with a presentation of Emerging Trends in Real Estate® United States and Canada 2023 by Charles DiRocco, director, PwC.
“In the near term, what we heard from our survey participants was there’s going to be concerns, there’s going to be risks… In the long term though, they felt pretty comfortable with the asset. I think that makes sense for commercial real estate. It’s meant to be a longer-term asset that is moved slowly,” said DiRocco.
Kacey Cordes, vice president, US BANCORP Community Development, followed with a presentation on social impact investing. Cordes said, “As you see banks find more way to impact the community, [the Community Development Corporation is] interested in digging through all the opportunities we have and using those tools in a better way.”
After, Jeremy Waldrup, president and CEO, Pittsburgh Downtown Partnership, presented on Pittsburgh community development and affordable housing. “We need more quality affordable housing in our region,” said Waldrup.
From left to right: Tom Murphy, senior resident fellow, Joseph C. Canizaro/Klingbeil Family Chair for Urban Development, Urban Land Institute; Jeremy Waldrup, president and CEO, Pittsburgh Downtown Partnership; and Kacey Cordes, vice president, U.S. BANCORP Community Development, speaking at a ULI Pittsburgh event.
Following the presentations, Tom Murphy, Senior Resident Fellow, Joseph C. Canizaro/Klingbeil Family Chair for Urban Development, Urban Land Institute, led a conversation with Cordes and Waldrup on community development in Pittsburgh.
The panelists highlighted the importance of continued and improved public-private partnerships in Pittsburg for economic growth. Here are a few key takeaways:
Waldrup: “We have also, as every other city, been working with Gensler to look at kind of the commercial office market here in downtown Pittsburgh, and look at these conversion opportunities. I think if we could get 18 to 20 buildings down there, representing maybe three and a half, four million square feet total (371,612 sq m)… If we could get those converted, you would have a transformed downtown.”
Cordes: “[The financial industry has] to find an opportunity to allow, and invite, and equitably support people who want to be out in neighborhoods doing cool, small projects and build stuff that’s not going to be on the front page of the paper... I think in the ULI community we’re having a better conversation about how to bridge the gap between commercial real estate and community development.”
Waldrup: “We appreciate the partnership with the [Urban Redevelopment Authority on the downtown conversion pilot program], but we know that the private sector is also talking about this and how do we create this workforce housing here in downtown that I think is missing for a single-family earner [with] that $40,000-$60,000 income, you cannot find an apartment in this downtown for you. Yet, that’s 45-50 percent of our workers.”
Cordes: “I think as cities figure out how to come together in that sort of formal way and compete with one voice [to attract investment from large companies], you really have more of a presence, right? You really have one identity. You have a pitch.”
