Downtown Housing Market Report 1st Quarter 2011

Market-Rate Apartments Condominium Sales Total Stabilized Residential Units Greater Downtown Pipeline: Market-Rate Development

Produced By:

www.DowntownPittsburgh.com 925 Liberty Avenue, Pittsburgh, PA 15222 412-566-4190

Housing Trends Report - 1st Quarter 2011

1Q2011

Greater Downtown, Market-Rate Apartments

Unit Type

Total

Studio 1BR/1-2BA 1BR/1-2BA +Den 2BR/1BA 2BR/2BA 3BR/2BA Larger Units Total/Average:

Units 123 983 129 92 528 39 21 1,915

Occupancy Occupancy AVG SF Rate 644 99.2% 863 98.0% 1,067 99.2% 1,145 100.0% 1,280 95.3% 1,680 102.6% 1,793 100.0% 1,210 97.6%

Turnover Rate 6% 6% 2% 0% 5% 3% 10% 5%

$ $ $ $ $ $ $ $

Effective Rent Average Low High $/S.F. 903 $1.74 $1,239 1,060 $1.71 $1,918 1,340 $1.69 $2,092 1,587 $1.42 $1,665 1,600 $1.55 $2,317 2,359 $1.54 $2,768 3,083 $1.92 $3,805 1,705 $2,258 $1.66

Summary Total Units: Total Occupancy: Average Asking Rent ($/SF): Average Concessions ($/SF): Total Corporate Units: Total Showings:

1,915 97.6% $1.66 $0.03 83 539

Pittsburgh Downtown Partnership | Page 2

Housing Trends Report - 1st Quarter 2011

Condominium Sales* * Source: West Penn Multi-List

Condominiums Tower at Chatham Cntr. Tower at Chatham Cntr. Gateway Towers Gateway Towers Gateway Towers 429 Firstside 429 Firstside 3 PNC 3 PNC Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Otto Milk Average:

Total Units Closed: Average $/S.F. Past 12 Months Units Sold Average $/S.F.

Unit S.F. 514 932 1000 1000 629 1850 1850 1730 1730 940 1100 760 880 1388 966 995 1191 1076 1193 1385 1193 1159 1068 1552 1078 995 1230 2035 1882 780 995 1068 1078 780

Asking Price

Sales Price

Sales

Days on

Price/S.F.

Market

$51,000 $125,000 $129,900 $135,000 $89,900 $259,000 $279,000 $762,000 $757,500 $215,000 $325,000 $183,000 $215,000 $540,000 $234,000 $209,000 $239,000 $269,000 $297,000 $334,000 $287,000 $279,000 $262,000 $379,000 $279,000 $235,000 $243,000 $451,000 $348,000 $201,000 $219,000 $241,000 $254,000 $188,000

$51,000 $90,000 $116,000 $120,000 $81,500 $257,000 $259,000 $677,000 $757,500 $235,000 $342,000 $225,000 $232,000 $572,000 $256,000 $310,000 $256,000 $269,000 $367,000 $359,000 $307,000 $296,000 $282,000 $413,000 $311,000 $285,000 $260,000 $491,000 $365,000 $223,000 $236,000 $273,000 $272,500 $210,000

$99 $97 $116 $120 $130 $139 $140 $391 $438 $250 $311 $296 $264 $412 $265 $312 $215 $250 $308 $259 $257 $255 $264 $266 $288 $286 $211 $241 $194 $286 $237 $256 $253 $269

46 27 176 269 15 192 117 77 236 0 0 0 0 62 124 0 0 89 0 1 1 0 62 0 0 0 0 0 0 0 0 236 0 0

1,177

279,832

295,779

246

51

Total 34 $ 246

New Units 27 $ 279

Resales 7 $ 120

64 $249

46 $301

18 $116

Housing Trends Report - 1st Quarter 2011

Total Greater Downtown Stabalized Residential Units Golden Triangle Total

Affordable

Condos

Apartments

Project

Units

Pennsylvanian Penn-Garrison 625 Stanwix Street 900 Penn Avenue 905 Liberty Avenue 947 Liberty Avenue Encore on 7th #2 Market Square 930 Penn Avenue Market at Fifth Market Square Place Apartments Total: Gateway Towers 429 Firstside 151 First Side 941 Penn Ave. Keystone Lofts Piatt Place Condos Total: Roosevelt Arms Midtown Towers May Building Century Building Affordable Total: Beds

904 Point Park University 654 Pennsylvania Culinary 815 Art Institute 55 Fidelity Building Student Total: Other Housing Types: Golden Triangle Total Units:

Student

Greater Downtown

242 117 83 22 8 3 151 2 20 7 46 701 262 8 82 17 12 63 444 191 90 88 60 429 ≈Units 376 109 206 22 713 89 2,376

Project

Washington Plaza Morgan at North Shore The Brake House Lofts Heinz Lofts River City Flats Cork Factory

Chatham Center Roma Lofts

K. LeRoy Irvis Crawford Square

Combined Total

District

Lower Hill N. Shore Strip N. Shore Bluff Strip

Total

Total

Units

Units

388 232 18 267 12 297

Apartments Total: Lower Hill Cra/Rbrts.

1,214 180 8

Condos Total:

188 190 348

Condos:

632

538 ≈Units 3,642 1,664

Affordable:

967

Cra/Rbrts. Cra/Rbrts.

Affordable Total:

Apartments: 1,915

Beds

Duquesne University

Bluff

Student Total: 1,664 Other Housing Types: 295 Greater Downtown Total Units: 3,899

Student: 2,377 Other: 384 Grand Total: 6,275

Housing Trends Report - 1st Quarter 2011

Greater Downtown Pipeline: Market-Rate Development As of 3/31/11

Conceptual

Apartment

Condo

Project (pre-sold)

Total

First Units* May-09 Feb-09 Dec-09 Sep-10 2012 Jun-12

E.V. Bishoff Co. Millcraft Industries PNC Financial Service Group Solara Ventures LLC Market First LLC Penn Avenue Renaissance

Dec-12 Oct-12 2012 Jul-12 May-12

PMC McCaffery River Vue Associates Impakt Development Inc. Foris Property Group

Triangle Planning Triangle Planning Triangle Conceptual Triangle Conceptual Triangle Conceptual N. Shore Conceptual Conceptual Totalotal:

Units 63 65 28 56 3 5 220 200 96 150 65 30 541 50 60 10 TBD 6 300 426

Total Active: Total Conceptual: Total Student: Pipeline Total, All Types

761 426 0 not shown above 1,187

District

Status

The Carlyle** (52%) Piatt Place** (65%) 3 PNC Place** (21%) Otto Milk Building** (86%) Market at First L'Enfant Lofts (806 Penn)

Triangle Triangle Triangle Strip Triangle Triangle

Under Construction Under Construction Under Construction Under Construction Planning Planning Condo Total:

201 Stanwix (Verizon Bldg) Cork Factory II RiverVue (State Office Bldg.) 5th Ave High School 711 Penn Ave.

Triangle Strip Triangle Uptown Triangle

Planning Permitting Permitting Permitting Permitting Apartment Total:

319 3rd Ave. Commonwealth Building 333 Blvd of the Allies Cultural District Riverfront The Granite Building North Shore

2012 2012 2011 ? ? ?

Developer

Project Cost

E.V. Bishoff Co. E.V. Bishoff Co. Urban Ever-Green Pgh Cultural Trust Granite Building LLC Continental Real Estate

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Total $ 673,200,000

** - Currently preselling or preleasing units Denotes PDP Estimate

Conceptual: project has been announced, but financing and a construction schedule have not been finalized; property is controlled by developer. Planning: project has advanced to a point where a construction schedule has been determined and due diligence is underway. Permitting: permit drawings have begun, permit applications may have been submitted; construction docs are being finalized. Under Construction: ground has been broken. Completed: there in no longer any active construction on the project site.

20,000,000 65,000,000 20,200,000 25,000,000 2,000,000 1,500,000 133,700,000 45,000,000 18,000,000 55,000,000 10,000,000 7,000,000 135,000,000 10,000,000 20,000,000 1,000,000 320,000,000 3,500,000 50,000,000 404,500,000