Pittsburgh office market reports
2Q 2021 highlights and trends
Reopening efforts and higher vaccination rates have allowed the Pittsburgh MSA unemployment rate to rebound from a high of 16.6 percent in April 2020 to 6.2 percent in April 2021. Office-using job losses in Pittsburgh MSA have totaled -3.0 percent, with the Federal Government adding 2.2% of office-using jobs from early 2020 to the start of Q2. Pittsburgh office occupiers have navigated their return-to-work strategies differently, with tech and law firms returning more quickly than banking. PNC Bank and BNY Mellon employees are set to return to office in September 2021, which should incite others within the industry to follow suit and increase office demand.
Unemployment rate
Reopening efforts and higher vaccination rates have allowed the Pittsburgh MSA unemployment rate to rebound from a high of 16.6 percent in April 2020 to 6.2 percent in April 2021.
Recovery rate
The average delta between Pittsburgh MSA and U.S vaccination rates for the past three months was 3.26% and can be anticipated to decrease as more incentives are rolled out.
Office demand
Pittsburgh’s office leasing activity has paused, decreasing by 48.8 percent compared with long-term historical averages.
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