Intelligence

Regional Summaries

Select a state to view available market snapshots

Pittsburgh, PA

Apartment
Development peaked in 2016 in the 91,500-unit Pittsburgh apartment market, and the vacancy edged up over 5.0%. The rate was 5.2% at year-end, according to Reis, up 50 basis points over the year. The rate slipped 10 basis points during the fourth quarter. The vacancy rate edged down to 5.1% in January 2017. In 2016, the average asking rent soared 5.0% to $1,025 per month, and the average effective rent rose 3.9%, to $964 per month, as concessions increased. The fourth quarter increases were 1.0% asking and 0.7% effective. The January 2017 increases were strong at 0.4% asking and 0.5% effective. VIEW APARTMENT LISTINGS >
Industrial
The 60.4-million-square-foot Reis Pittsburgh warehouse/distribution space market isn’t exactly booming, with minus 133,000 square feet of negative net absorption in 2016 including minus 28,000 during the fourth quarter. With a 316,400-square-foot project completing construction in December, joining a 260,000-square-foot facility that completed in November, the vacancy rate was up 70 basis points in 2016 and 50 during the fourth quarter to 9.6%. Rents still edged up, however, with the average asking rent up 1.6% over the year to $4.54 psf and the average effective rent up 1.7% to $4.27 psf. The fourth quarter gain was 0.7% by both measures. Vacancy and rents were unchanged in January 2017. The 9.8-million-square-foot local Flex/R&D market saw 176,000 square feet of new supply in 2016 with net absorption at 185,000 square feet, as the vacancy rate fell 40 basis points to 20.5%. The average asking rent increased 1.3% over the year to $7.93 psf, with the average effective rent up 1.4% to $7.33 psf including a fourth quarter increase of 0.4% by both measures. There was no change in January 2017. VIEW INDUSTRIAL LISTINGS >
Office
Demand was strong in 2016 in the 52.9-million-square-foot Pittsburgh general purpose, multi-tenant office market, and the vacancy rate fell during the year. The overall vacancy rate edged down 20 basis points in 2016 and 10 during the fourth quarter to 16.5%. The vacancy rate was 16.6% in January 2017. Rents increased moderately in 2016. The average asking rent increased 2.1%, to $21.86 psf, and the average effective rent increased 2.3% to $18.53 psf, including a small increase of 0.1% by both measures in the fourth quarter. Overall rents edged up another 0.1% by both measures in January 2017. VIEW OFFICE LISTINGS >
Retail
The 17.9-million-square-foot Pittsburgh community-neighborhood shopping center market was weak in 2016, as net absorption totaled minus 81,000 square feet and the vacancy rate increased 60 basis points. The rate was still just 8.1% at year-end, however, and no space is under construction within Reis submarkets after 49,000 square feet was added last year. Rents rose moderately despite weak occupancy. The average asking rent was up 2.5% over the year to $17.47 psf, with the average effective rent up 2.6% to $15.30 psf. The fourth quarter increases were 0.7% and 0.8%, respectively. Vacancy and rents held steady in January 2017. VIEW RETAIL LISTINGS >

More from our Local Market Experts About PA

Source: Data provided by Reis, inc.

Commercial Real Estate Market Information

Coldwell Banker Commercial has commercial real estate market statistics to help you find out more about your local commercial real estate market. Whether you are looking for commercial real estate market trends or information on a commercial real estate markets size, we have the commercial real estate market reports you need. If you did not find the commercial real estate market information you were looking for contact us today!

White Papers

 

     

Additional Resources