Pittsburgh industrial market report

Q1 2024

In Q1 2024, leasing activity recovered as there was 26% more leasing activity than in Q4 2023. Construction activity has slowed following record-breaking deliveries in 2023. Pittsburgh saw negative net absorption in Q1 2024 for the first time since Q2 2022, largely driven by the Parkway West and Parkway North submarkets, which saw the largest negative changes while the Downtown Fringe and Westmoreland County submarkets recorded positive absorption. 


Overall vacancy

Overall vacancy climbed 50 bps from Q4 2023, reaching 5.9% at the end of Q1 2024. The Parkway East and Oakland/East End submarkets have the highest vacancy rates.


Under construction inventory

Under construction inventory has decreased 85% from the all-time high of 3.1msf in Q4 2022, down to 0.5msf currently under development. Pittsburgh experienced substantial deliveries over the course of 2023, substantially reducing the amount of space anticipated to come online in 2024.


Parkway West construction

Parkway West has over 320ksf currently under construction, or 67% of the total pipeline across 3 buildings, with the majority of under construction space pre-leased prior to delivery.


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