Pittsburgh office market report

Q2 2023

In the first half of 2023, leasing activity in Pittsburgh still sits below pre-pandemic levels, reaching its lowest mid-year volume since 2013. Most of the leasing activity has been attributed to high-quality Trophy/Class A properties, showing a continuous increase over the past few years. In contrast, Class B and Class C properties' share in leasing activity has decreased during the same period. Moreover, the availability of sublet space throughout the market has reached an all-time high, with continuous growth from the previous quarter and the addition of substantial space since last year.
1.2 msf

Total leasing activity in Q1 and Q2

Total annual leasing volume in Pittsburgh has grown YoY for the past three years, but 2023 saw the lowest mid-year leasing volume since the onset of the pandemic. This total of 1.2M sf is down 53% from the average mid-year leasing total between 2013-2019.

Portion of total leasing activity attributable to Trophy/A product

Between 2016-2019 and 2020-present, the percentage of total leasing activity in the Pittsburgh market attributable to Trophy/Class A product has grown from 58.5% to 62.2%. Conversely, both Class B and Class C’s portion of total leasing activity has contracted over the same time frames.
1.9 msf

Available sublet space

The amount of available sublet space on the market remains at an all-time high, increasing 5% from last quarter. 198K sf has been added since Q2 of last year.
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