Pittsburgh office market report

Q3 2023

The Pittsburgh office market has faced challenging conditions in 2023, marked by leasing volume continuing to struggle in its rebound to pre-pandemic norms. While the secondary market remains near all-time highs, the increase in additional sublease space has decelerated over the past year. Average asking rental rates have managed to grow over the same period, but tenant concession packages have also grown, leaving net effective rates to remain level or in some cases decrease.

1.5 msf

Annual market leasing activity through Q3

Total annual leasing volume in Pittsburgh has grown for three consecutive years, but 2023 has seen the lowest three-quarter leasing volume since the onset of the pandemic. This total of 1.5M sf is down 58% from the average three-quarter leasing total between 2013-2019.

1.8 msf

Total available sublet space in Trophy/A product

The secondary market size remains near all-time highs after an explosive growth in 2020. Although, the increase in additional sublease space has decelerated over the past year. This is a result of both leasing activity in the secondary market and increased vacant spaces.

4.9%

Growth in average asking rental rates since Q1 2020

There is more supply currently on the market than nearly ever before. Since the beginning of 2020, only four quarters have experienced positive net absorption while asking rental rates have grown 4.9% over that same period. At the same time, however, tenant concession packages have also grown, leaving net effective rates to remain level or in some cases decrease.

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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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