[5] On July 8, 1794, the newly formed "borough" of Pittsburgh established a "Public Market House and Stalls" on the eastern half of the square.

[citation needed] Throughout the 19th and 20th centuries, Market Square provided a central location in the city, hosting much social and economic activity.

Preservationists and the city of Pittsburgh designated the area a historic landmark in an attempt to retain the square's crumbling architecture and style.

[7] Major renovation work began in August 2009 to transform the square into a European-style piazza, completely reopening in late 2010.

[12] The square also holds many temporary non-repeating events; as an example, in the lead up to the reviving of an airline route between Pittsburgh International and London Heathrow, British Airways launched a promotional British-style telephone booth in the square where locals were able to enter raffles and competitions for free flights and other prizes.