Pittsburgh office market reports
2Q 2021 highlights and trends
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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.
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.
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.
Pittsburgh’s office leasing activity has paused, decreasing by 48.8 percent compared with long-term historical averages.
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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.
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.
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