Pittsburgh Real Estate Market Reports

Pittsburgh Office Market

After peaking at 25.0% in the first half of 2025, total vacancy edged down to 24.5% in the third quarter of 2025, supported by modest positive net absorption following two negative quarters. Overall, indicating tentative stabilization at elevated levels. From third quarter of 2022 to third quarter of 2025, Class A asking rents were largely stable with modest growth, dipping slightly in mid-2024 before rising to a recent high around $29.55/SF in second quarter of 2025 and easing to $29.51/SF in third quarter of 2025. In contrast, Class B rents climbed steadily from $21.34/SF to $22.58/SF over the period, narrowing the Class A and Class B spread from about $7.75 to $6.93. Developers are still facing increased construction and financing costs, making new projects less viable in the current environment. Instead, there is a greater focus on repurposing and upgrading existing spaces to meet evolving market preferences, rather than introducing new office buildings into a saturated market.

Pittsburgh Industrial Market

Vacancy trended down to a low of 5.5% in 2022 before edging up to about 7.1% by the third quarter of 2025 amid the limited new deliveries and steady, but more modest absorption, signaling stabilization rather than tightening in the market. Momentum has stabilized at moderate, positive levels through third quarter of 2025, with three consecutive quarters of gains, resulting in 500,000 SF of year-to-date positive absorption signaling steady demand in the market. From third quarter of 2020 to third quarter of 2025, overall vacancy drifted up from 6.5% to 7.1%, while Class A vacancy remained lower throughout, however climbing to a peak of 6.5% in first quarter 2024 before easing to 5.6% by third quarter 2025. Recent quarters show stabilization at steady levels, with overall vacancy holding near 7.0% and Class A around 5.0%