Pittsburgh Office Market
The overall vacancy rate remained relatively stable at 24.5% in the second quarter of 2024 with a modest increase from year end 2023 of 24.1%. The Suburban market experienced most of the new leasing activity in the Pittsburgh market. While Class A asking rates saw a slight decline in second quarter of 2024, Class B rates have been on a continual rise from $21.86/SF in the second quarter of 2023 to $22.23/SF in the second quarter 2024. The overall market experienced minimal negative absorption of -83,338 SF. While the Class A overall market had 33,219 SF of positive absorption for the second quarter 2024.
Pittsburgh Industrial Market
Overall vacancy remained relatively stable in the second quarter of 2024 while overall Class A vacancy reduced slightly to 6.3% from 6.5% in first quarter of 2024. New inquires, tours and request for proposals increased in second quarter over first quarter 2024. While leveling off, tenant improvement costs continue to be a headwind for leases in new Class A inventory. Landlords are holding steady on asking rents.
Download Pittsburgh Industrial Market Report 2Q24