Pittsburgh office market report

Q1 2024

Pittsburgh's office market in Q1 2024 faced similar challenges to those of 2023. Office tenants continue to prioritize flexibility over long-term commitments, leading to consolidating space commitments for both renewals and relocations. Owners continue to face challenges with increasing vacancies, slowing rent growth, and declining property valuations from high interest rates. Owners of office buildings, especially in Pittsburgh CBD have received some relief through successful property tax assessment appeals.
80%

Percentage of office buildings in Pittsburgh’s CBD are not positioned for residential conversion

Converting challenged or distressed buildings to residential use is frequently suggested as a solution for the office market, but many office buildings are not candidates for conversion. Factors like location, floor plate size and configuration, age of construction and build quality make such conversions unfeasible for many buildings in Pittsburgh. Even for buildings with these attributes in place, the cost for conversion can be extremely costly and extensive undertakings.

$143 M

Total office sales activity in the beginning of 2022

The lack of investment in the office sector continues with the total value of office building sales from 2022 to present (9 quarters) being less than the total in 2021 alone.

542k sf

Total leasing activity in Q1 2024

This total is a 15% decrease from Q4 2023 and the second-lowest quarterly volume since 2017.

Your source for the latest Pittsburgh office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater Pittsburgh area. Avison Young advisors look at Pittsburgh commercial real estate activities and the latest Pittburgh statistics to provide you expert market research on Pittsburgh's office properties.

Explore different topics like the latest office market pricing trends and analysis of Pittsburgh's current office real estate market conditions. Gain a better understanding of Pittsburgh’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Pittsburgh's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Pittsburgh.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

Get the latest Pittsburgh office market reports right in your inbox