Pittsburgh industrial market report

Q1 2022

Even with a slight cool-off from Q4 of 2021, high leasing activity is still driving demand for new product. However, limited land supply coupled with ever-rising construction costs have hindered the completion of needed inventory. Q1 2022 net absorption remained promising at 658k sf, lead by a few major transactions featuring Home Depot and Snyder Performance. Class A, B and C product all experienced positive absorption throughout the quarter. Asking prices rose this quarter and will likely continue to do so as the cost of construction slows new delivery and demand from locally-oriented companies and last-mile delivery stays constant.

+648k sf

Net absorption

Net absorption has remained positive over the past six quarters, with Q1 2022 cooling off slightly from Q4 2021 but still very promising.

+1.4 msf

Under construction

The rising cost of construction and materials has significantly affected the market’s ability to supply new inventory as demand continues to rise.


Total vacancy

Increasing demand for space has driven total vacancy down to 5.7%. Vacancy has dropped every quarter since Q4 2020 and is at the lowest point in the past four years.

11.5 msf

Total available space

The amount of available space has been on a downward trajectory since the end of 2019. The secondary market is relatively non-exist at this point.


Investment volume

Industrial investment sales topped out just over $139M, setting a pace for the year that would well exceed totals from 2021 and 2020.

$6.12 psf

Asking rates

Average asking rates across the market have never been higher. Until demand cools or inventory levels catch up, we can expect this number to continue to rise.

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