Pittsburgh Office Market
| Average Asking Rent (Price/SF) | $24.92 |
| Vacancy Rate (%) | 21.6% |
| Net Absorption (SF) | -127,542 |
While many factors remain uncertain in the office segment, the overall outlook for 2022 is more optimistic than 2021. With COVID-19 cases on the decline and many companies hatching out a plan to return to the office, it appears a sense of normalcy is just around the corner.
Pittsburgh Industrial Market
| Vacancy Rate Rate (%) | 5.8% |
| Net Absorption (SF) | 633,026 |
While 2021 ended on a very high note, the first quarter of 2022 brought significant challenges to the economy due to geopolitical events, rising inflation concerns, Fed tightening and continued supply chain disruptions. While it is too soon to determine the near-term impact on the Pittsburgh industrial market, national trends continue to point to very strong demand for quality industrial space across the country, despite rising land prices and supply chain disruptions delaying the completion of much-needed inventory. Investor appetite for industrial real estate remains strong, with continued cap rate compression in all of the major industrial markets. As interest rates increase in the second quarter of 2022 and beyond, there is uncertainty as to how long before cap rates increase as a result.
Download Pittsburgh Industrial Market Report 1Q22