Pittsburgh office market report
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.
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.
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.
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.
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.
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.
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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.
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