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Market Report

Pittsburgh Retail Market Report

2024 Investment Forecast

Downtown Adjusts to New Pedestrian Patterns;
Out-of-State Capital Here to Stay

Incoming opportunities in the urban core bolster recovery downtown. Metrowide, leasing activity reflects broader national trends, with sub-10,000-square-foot signings largely composed of discount retail and food service tenants. Still, larger commitments, including an Aldi and two Dick’s Sporting Goods locations, indicate that nationally-branded chains are bullish on Pittsburgh’s long-term prospects. On a more granular level, urban areas that were impacted by the health crisis and subsequent shifts toward remote work could be poised for a stronger 2024. Downtown’s Golden Triangle noted its first quarter of positive net absorption in two years during late 2023, indicating that vacancy in this submarket may have already hit its cyclical peak. Initiatives to revamp downtown entertainment offerings may also backstop pedestrian activity in the area moving forward. A Live Nation-branded concert complex is slated for an early 2026 opening at the former Civic Arena, which should draw retailers anticipating the spillover demand this venue will bring. 

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