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Commercial Real Estate Implosion: Half Of Downtown Pittsburgh Office Space Could Be Empty In 4 Years
Mish Talk ^ | 03/18/2024 | Mike Shedlock

Posted on 03/18/2024 9:50:24 AM PDT by SeekAndFind

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1 posted on 03/18/2024 9:50:24 AM PDT by SeekAndFind
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To: SeekAndFind

Anyone who didn’t see this coming is just flat out blind.

Even without Covid, Pittsburgh has been a long downward trend downtown... Yes they have built a few more office towers, but overall Downtown Pittsburgh is a bigger and bigger dump every year.

Yes the Theater District did liven up that area bit, and they have been converting old office buildings into condos as fast as they can, but there just still isn’t really a draw to be downtown, and the office building being turned to apartments was to try to do something with all the empty office space that Pitt already has, more and more of it is coming...

BNYMellons lease on the BNYMellon tower is up in a few years, and they will vacate, most if not all of the floor splace they have there.... and that’s no small building.. etc etc etc.

I just do not see Pittsburgh’s fate improving in the near term.


2 posted on 03/18/2024 9:55:28 AM PDT by HamiltonJay ( )
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What's happened to them Steelers?
Looking for a new place to roam?
3 posted on 03/18/2024 9:57:27 AM PDT by deport
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To: SeekAndFind

More luxury living space for migrants.


4 posted on 03/18/2024 10:01:10 AM PDT by NewHampshireDuo ( )
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To: SeekAndFind

Yeah, it started to go downhill many years ago. My cousin once owned Beakman Properties which owned a building in the Scranton Business Park. They had two great anchors of a paper company and a refrigeration company. He sold it to this quasi-Amish dude and the whole thing eventually went south, due to an unpermitted gymnasium and the owner bilking tenants in the little coffee shop.


5 posted on 03/18/2024 10:04:07 AM PDT by LittleBillyInfidel (This tagline has been formatted to fit the screen. Some content has been edited.)
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To: NewHampshireDuo

That’s what I was thinking.

All those empty and abandoned buildings will be co-opted for illegals. Can you imagine the mess that it going to create? How long before some of them start going up in flames?

Democrat run cities are going full out Haiti.

Wall them off and come back in a few years and see what’s left. Although the survivors are not going to be the type you want to mess with.


6 posted on 03/18/2024 10:04:33 AM PDT by metmom (He who testifies to these things says, “Surely I am coming soon.” Amen. Come, Lord Jesus…)
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To: SeekAndFind

I keep hearing how Florida has gotten really expensive. People leaving for other states.
There are problems everywhere?


7 posted on 03/18/2024 10:05:08 AM PDT by Honest Nigerian
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To: SeekAndFind

Demolish the empty buildings.

Return downtowns to agriculture.


8 posted on 03/18/2024 10:07:51 AM PDT by cgbg ("Our democracy" = Their Kleptocracy)
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To: SeekAndFind
There is nothing to stop these cities from looking like Detroit. They were in trouble a century ago, and despite a surge during World War 2, they peaked in 1950 and have continued their decline since then. Politicians are not being up front about the harsh reality that the cost to renovate the decayed infrastructure in such cities far exceeds any return on the investment.

Even worse, with the exception of the Grievance Industry, healthcare, and maybe education, industries are better served outside of a city.

-Accommodation
-Accommodation and Food Services
-Administrative and Support Services
-Administrative and Support and Waste Management and Remediation Services
-Agriculture, Forestry, Fishing and Hunting
-Air Transportation
-Ambulatory Health Care Services
-Amusement, Gambling, and Recreation Industries
-Animal Production
-Apparel Manufacturing
-Arts, Entertainment, and Recreation
-Beverage and Tobacco Product Manufacturing
-Broadcasting (except Internet)
-Building Material and Garden Equipment and Supplies Dealers
-Chemical Manufacturing
-Clothing and Clothing Accessories Stores
-Computer and Electronic Product Manufacturing
-Construction
-Construction of Buildings (if you even need them)
-Couriers and Messengers
-Credit Intermediation and Related Activities
-Crop Production
-Data Processing, Hosting, and Related Services
-Education and Health Services
-Educational Services
-Electrical Equipment, Appliance, and Component Manufacturing
-Electronics and Appliance Stores
-Fabricated Metal Product Manufacturing
-Finance and Insurance
-Financial Activities
-Fishing, Hunting and Trapping
-Food Manufacturing
-Food Services and Drinking Places
-Food and Beverage Stores
-Forestry and Logging
-Funds, Trusts, and Other Financial Vehicles
-Furniture and Home Furnishings Stores
-Furniture and Related Product Manufacturing
-Gasoline Stations
-General Merchandise Stores
-Goods-Producing Industries
-Grievance Industry (large numbers of payees in cities but not the payers nor overseers)
-Health Care and Social Assistance (large numbers of payees but not payers in cities)
-Health and Personal Care Stores (large numbers of payees but not payers in cities)
-Heavy and Civil Engineering Construction
-Hospitals (heavily controlled by government socialized medicine)
-Information
-Insurance Carriers and Related Activities
-Internet Publishing and Broadcasting
-Leather and Allied Product Manufacturing
-Leisure and Hospitality
-Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)
-Machinery Manufacturing
-Management of Companies and Enterprises
-Manufacturing
-Merchant Wholesalers, Durable Goods
-Merchant Wholesalers, Nondurable Goods
-Mining (except Oil and Gas)
-Mining, Quarrying, and Oil and Gas Extraction
-Miscellaneous Manufacturing
-Miscellaneous Store Retailers
-Monetary Authorities - Central Bank
-Motion Picture and Sound Recording Industries
-Motor Vehicle and Parts Dealers
-Museums, Historical Sites, and Similar Institutions
-Natural Resources and Mining
-Nonmetallic Mineral Product Manufacturing
-Nonstore Retailers
-Nursing and Residential Care Facilities
-Oil and Gas Extraction
-Other Information Services
-Other Services (except Public Works)
-Paper Manufacturing
-Performing Arts, Spectator Sports, and Related Industries
-Personal and Laundry Services
-Petroleum and Coal Products Manufacturing
-Pipeline Transportation
-Plastics and Rubber Products Manufacturing
-Postal Service
-Primary Metal Manufacturing
-Printing and Related Support Activities
-Private Households
-Professional and Business Services
-Professional, Scientific, and Technical Services
-Publishing Industries (except Internet)
-Rail Transportation
-Real Estate
-Real Estate and Rental and Leasing (if you even need it or it isn't government operated)
-Religious, Grantmaking, Civic, Professional, and Similar Organizations
-Rental and Leasing Services
-Repair and Maintenance
-Retail Trade
-Scenic and Sightseeing Transportation
-Securities, Commodity Contracts, and Other Financial Investments and Related Activities
-Service-Providing Industries
-Social Assistance (mostly government run. It's a big minus, not an plus.)
-Specialty Trade Contractors
-Sporting Goods, Hobby, Book, and Music Stores
-Support Activities for Agriculture and Forestry
-Support Activities for Mining
-Support Activities for Transportation
-Telecommunications
-Textile Mills
-Textile Product Mills
-Trade, Transportation, and Utilities
-Transit and Ground Passenger Transportation (Public transit is subsidized and still loses money. Needed less as industries leave cities.)
-Transportation Equipment Manufacturing
-Transportation and Warehousing
-Truck Transportation
-Utilities
-Warehousing and Storage
-Waste Management and Remediation Services
-Water Transportation
-Wholesale Electronic Markets and Agents and Brokers
-Wholesale Trade
-Wood Product Manufacturing


9 posted on 03/18/2024 10:12:50 AM PDT by T.B. Yoits
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To: SeekAndFind

Biden has made arrangement to have all classified federal records from the period of his”presidency” stored in vacant buildings i Pennsylvania....He reasons that since the buildings are vacant, no one will look at the documents.


10 posted on 03/18/2024 10:17:06 AM PDT by RouxStir (No Peein' in the Gene Pool )
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To: SeekAndFind

If certain cities can provide a safe and consumer friendly downtown environment, some of this space could become housing - preferably targeting segments of the population that are… low maintenance. This would require actually fighting crime, taking out the trash, and not having democrats run any part of it.

So, scratch that idea.


11 posted on 03/18/2024 10:19:59 AM PDT by Made In The USA (Ellen Ate Dynamite Good Bye Ellen)
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To: SeekAndFind
HASTILY MADE CLEVELAND TOURISM VIDEO
12 posted on 03/18/2024 10:20:03 AM PDT by xoxox
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To: T.B. Yoits

> There is nothing to stop these cities from looking like Detroit. <

I gotta agree. Take Pittsburgh, for example. Pittsburgh has been run by Democrats since the 1930s. But those Democrats were by and large old-school Blue Dog Democrats.

No longer. Both the city and the school district are now in the hands of “progressives” and their insane, woke ideas. That’s a one-way trip. No going back to the old days.


13 posted on 03/18/2024 10:23:45 AM PDT by Leaning Right (The steal is real.)
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To: LittleBillyInfidel

I heard the paper company was moving some folks to Stamford and Bob Vance was engaged to a lady in paper sales. New owner sells beets apparently.


14 posted on 03/18/2024 10:27:04 AM PDT by HonkyTonkMan ( )
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To: HonkyTonkMan

Can we get serious for a moment, and address an important question?

Who is hotter, Pam or Angela?

Answer: it depends on the time span. Angela for a weekend. Pam for anything longer than that.


15 posted on 03/18/2024 10:32:24 AM PDT by Leaning Right (The steal is real.)
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To: SeekAndFind

THE PLAN?

* Bankrupt the city
* Buy up valuable real estate for next to nothing
* Tear down buildings
* Rebuild “Smart Cities” using taxpayer revitilation $$$


16 posted on 03/18/2024 10:42:41 AM PDT by stars & stripes forever (Blessed is the nation whose GOD is the LORD. (Psalm 33:12))
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To: HamiltonJay

I’m surprised, everything I’ve heard about downtown Pittsburgh in recent years is that it was vibrant and lively with nightlife, bars, restaurants. I haven’t visited the city myself in 20 years, just what I had heard.


17 posted on 03/18/2024 11:03:00 AM PDT by Mozzafiato
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To: Leaning Right

Wham Pam Thank You Ma’am
Pamalamadingdong
Spamster
Pam! Pam! PamPamPam!


18 posted on 03/18/2024 11:08:03 AM PDT by Lazamataz
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To: Mozzafiato

The theater district thanks to URA pumping tax money galore has over the last few decades improved, but the rest of downtown is a crapfest.

Parts of downtown that are now not places I would want to walk during broad daylight, and I have never felt that way before in Pittsburgh, and I’ve lived here since the 80s.

Homeless encampments in the parks and burms, its a dump.

If you stay in the theater district you get the flash, go in the other parts and you see the decay full on.

I’ve worked downtown on and off since hte 90s... every time I get a new stint downtown, the place is more run down than the last time...

Downtown Pittsburgh is such a dump, there isn’t even a McDonald’s left open in the entire downtown area... Not that I’m a huge fan of McDonalds, but that should give you an idea of how bad its gotten.


19 posted on 03/18/2024 11:16:34 AM PDT by HamiltonJay ( )
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To: Mozzafiato
"I’m surprised, everything I’ve heard about downtown Pittsburgh in recent years is that it was vibrant and lively with nightlife, bars, restaurants. I haven’t visited the city myself in 20 years, just what I had heard."

Hire Chief Wahoo from Cleveland.

Get him to open a Casino in downtown Picksburg; viola', better schools, more graduates, a gazillion more jobs; all that "Extra Tax Money"; to rebuild Utopia.

Jealous Couple GIF

What could go wrong?

20 posted on 03/18/2024 11:29:57 AM PDT by guest7
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