2017 Q4 Office Pittsburgh Report
Author: Paul Horan, Edward Lawrence, Mamadou Baldé
Date Published: 03/11/2018
Midway through 2017, Pittsburgh’s Overall Office Market ended with an 8.3% overall vacancy rate in the second quarter, a slight increase from the 8.2% seen in the previous quarter. Once again, the Fringe CBD/Greater Downton submarket, specifically the Strip District leads the way in positive activity, continuing to benefit from the growth and expansion of technology and robotics companies in the area. This submarket saw almost 25,000 SF of positive Net Absorption in the Second Quarter. Pittsburgh’s overall office market had a negative absorption of negative (703) SF, while Pittsburgh’s Class A Office market recorded a positive Net Absorption of 54,281 SF compared to negative (142,979) SF in the previous quarter. Conversely,submarkets like the Parkway West, remaining soft, recorded a negative Absorption Rate of (98,777).