2017 Q4 Retail Newsletter Pittsburgh
Author: Mark Anderson, Michelle Stewart, Ralph Egerman, Katie Gordon
Date Published: 03/05/2018
The Pittsburgh retail real estate market continued its strong performance during the fourth quarter of 2017 despite a slight increase in vacancy rates. Negative absorption of 129,888 square feet increased the vacancy rate from 2.9% to 3.1%, still representative of a market that is largely full, and well below that national vacancy rate of nearly 10% as reported by REIS. The total market includes 146,164,431 square feet, with the largest vacancies being in outlying counties. The overall tight market has helped rental rates creep upward to an average rate of $14.29 per square foot. Top retail rents are near the $40 per square foot range, with some outliers reaching $50 per square foot. The top submarkets continue to be the North Hills/ Cranberry/Wexford area and the area near South Hills Village Mall.