Pittsburgh industrial market report
Pittsburgh remains full of leasing activity and increased construction with the current pipeline over 1.9 msf. Even with rising interest rates and construction delays, the market is experiencing historically low vacancy and historically high pricing. This quarter’s net absorption outperformed the market’s quarterly average (since 2015) by 17%. With a large amount of product set to hit market this year, it will be interesting to see if this trend continues.
Even with rising construction costs and logistics delays, new product continues to enter to market as demand for space outpaces current supply.
Overall market activity remained positive for the second straight quarter in 2022. Year-to-date net absorption totals just over one million sf.
Direct asking rent
Lowering vacancy continues to drive prices upward with Q2 of this year being the sixth straight quarter of growth.
Availability levels have continued to drop since Q2 of last year. The industrial sublease market is practically nonexistent.
Vacancy continues to drop throughout the entire market, marking the fourth consecutive quarter of decline.
Average sale price psf
Capital markets activity has remained relatively constant over the past three quarters, with totaling just over $100M in Q2.
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