When an exodus isn't
But note this quote:
“We’ve really been fighting this exodus, if you will, from downtown Pittsburgh and from the region, and now that’s reversing,” Allegheny County Executive Rich Fitzgerald told KDKA Money Editor Jon Delano.
What 'exodus'? I've been throught his before, the number of jobs located in the city of Pittsburgh has been one of the most remarkably consistent metrics. Roughly 300K jobs were located in the city of Pittsburgh proper in 1960 and it has been about the same exact number over the last 20 years. Given that large parts of the city are likely declining, that stabilility is being driven by the strength of jobs located Downtown and Oakland. There may be fluctuations year by year, but clearly NO EXODUS. That is the story, not that there is some rebound from a trough that didn't happen even through the 'great recession'.
If you really parse it, consider that Downtown recently had one large new skyscraper built in the form of PNC 3... has another large PNC tower already announced. For there to be continued supply additions despite all the new recent additions is a sign that there was no exodus in any recent past either. It all is an argument that sounds like what I reacted to when I once asked "Is Downtown Dead?". The answer was no a decade ago and is clearly still no today.
But this new potential building is interesting. If indeed it is for a new Chevron tenant, a potential mentioned here already, it really would be a big boomerang moment for the company that claims Gulf as one of its progenitors. Chatter is also that Chevron has been pressuring for the city to go back on its legislated 'ban' on new drilling within city limits. If there is a big new project involving Chevron you have to wonder how that debate will progress.
and if yet another big tower gets announced... with presumably some tenants lined up since this type of thing will not be built on spec... then I hope the bemoaning of a potential US Steel departure from Downtown will not be overhyped. Personally I can't believe the building's landord lets US Steel get away unless they are confident they can line up new tenants once they are gone.
Now the real question. Remember it's not only this new potential tower, but the PNC tower just beginning, that will be added to Downtown office space. Presumably all that new office space that will have respectable occupancy rates and Dilbert-density employee counts. So with most bus routes being eliminated and with parking supply Downtown essentially capped, does anyone want to spot the over/under for what daily parking rates will be Downtown in say 2015?