Pittsburgh office market report
Q4 2021
Despite the effects of the pandemic still looming, Pittsburgh MSA unemployment figures continue to trend down near pre-pandemic lows, to 4.2%. Leasing volume began to gain by year-end 2021 over the 20-year low set in 2020, as tenants began to execute on decisions as vaccines were rolled out throughout the country.
Economic conditions
Unemployment in Pittsburgh is now at 4.2 percent as of December 2021 with the market having recovered 97% of all job losses since March of 2020.
Recovery rate
Pittsburgh leads the U.S. average vaccination rate of overall population that is fully vaccinated.
Return to the office
Several large employers have delayed the return to the office which were slated for the beginning of 2022, amid Omicron variant concerns.
Office demand
Overall leasing activity was sharply affected by the pandemic, as the office market experienced a 47.5% decrease from the 20-year historic annual average.
Office supply
There is currently 1.4 M sf of new office space under construction, as development remains reserved amid the uncertainty COVID continues to usher in.
Capital Markets
Investment activity since 2020 totaled $441M at year-end. Investors continue capital deployment on office assets at a rate that is 12.2% higher than the prior five-year average.
Your source for the latest Pittsburgh office market reports
Get in-depth office market reports and insights from commercial real estate experts in the Greater Pittsburgh area. Avison Young advisors look at Pittsburgh commercial real estate activities and the latest Pittburgh statistics to provide you expert market research on Pittsburgh's office properties.
Explore different topics like the latest office market pricing trends and analysis of Pittsburgh's current office real estate market conditions. Gain a better understanding of Pittsburgh’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Pittsburgh's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Pittsburgh.
The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.