Pittsburgh Office Market
| Average Asking Rent (Price/SF) | $25.78 |
| Vacancy Rate (%) | 22.0% |
| Net Absorption (SF) | -20,462 |
As many predicted, Labor Day was seemingly a turning point for employees returning to the office. While we may not see many companies implementing the five-day, in-office work week anytime soon, it appears that the hybrid model is here to stay. Particularly on Tuesdays, Wednesdays and Thursdays, there has been a noticeable increase in traffic; parking garages are becoming full again; and restaurants are busier. While some may view this as a negative, this is a significant indicator that the Pittsburgh office market is on the upswing.
Pittsburgh Industrial Market
| Vacancy Rate Rate (%) | 6.0% |
| Net Absorption (SF) | -80,430 |
Historically, the third quarter is a seasonally slower time of the year; 2022 was no exception as the market undeniably paused over the summer. Opinions range from a much busier summer vacation and travel schedule due to post-pandemic demand, while others attribute the immediate impact on the spike in higher interest rates and the potential for additional rate hikes in the fourth quarter of 2022 as the Fed tries to tackle inflation and avoid a recession, which seems more likely with each passing week.
Download Pittsburgh Industrial Market Report 3Q22