Stay informed with the latest trends shaping the Pittsburgh commercial real estate market. Dive into our Quarterly Market Reports for key insights, market activity, and an in-depth look at the trends impacting the region.
OFFICE – Pittsburgh’s office market returned to positive net absorption in Q3, recording 192,696 SF after -104,311 SF in Q2 and bringing year-to-date absorption to +200,727 SF. Vacancy eased 20 bps to 9.6%, while availability declined 10 bps to 10.2%. Direct asking rent slipped $0.08 to $20.49/SF, even as 220,187 SF remained under construction. The quarter marked a clear rebound in absorption, though asking rents moved lower.
INDUSTRIAL – Industrial results were mixed in Q3. Net absorption turned negative at -99,455 SF after +427,651 SF in Q2, while the year-to-date total remained positive at +942,941 SF. Vacancy held at 5.5%, availability narrowed 10 bps to 6.8%, and direct asking rent rose $0.09 to $8.56/SF. At quarter-end, 833,990 SF was under construction.
RETAIL – Retail absorption remained positive year to date at +174,567 SF, but Q3’s -66,517 SF was a sharper quarterly loss than the -7,385 SF recorded in Q2. The measures gave different signals: vacancy held at 4.4%, while availability rose 20 bps to 5.6%. Direct asking rent eased $0.16 to $18.01/SF, with 302,239 SF under construction at quarter-end.
