Pittsburgh Office Market
The overall vacancy rate ended the third quarter at 24.5% with Class A vacancy at 22.5%. Class A CBD experienced a higher negative absorption as the EQT sublease expired is now being reflected in the Newmark statistics as direct/vacant space. Throughout 2024, overall average asking rents have remained stable only experiencing minor fluctuations from $26.15/SF in the first quarter to $26.09/SF in the third quarter 2024. In the Fringe submarket, most of the leasing activity occurred in the third quarter 2024, with over 140,000 SF signed leases encompassing renewals, subleases and new leases. Inventory was reduced in the Oakland/East End market as University of Pittsburgh purchased the Former PAA for $32.4M and changing to owner-occupied status.
Download Pittsburgh Office Market Report 3Q24Pittsburgh Industrial Market
Class A vacancy recorded a significant decline over the quarter, reaching 5.6 % in the third quarter of 2024. Comparatively, overall vacancy remained stable over the same period. The West submarket continues to outperform Pittsburgh’s other submarkets ending the third quarter of 2024 at over 300,000 SF of positive absorption. In the third quarter of 2024, long-anticipated construction starts occurred as Imperial Business Park began construction at 700 International Drive, featuring an approximately 90,000 SF building.
Download Pittsburgh Industrial Market Report 3Q24