The 92,600-unit Pittsburgh apartment market was balanced in 2017, as a development boom started to slow. There were 1,129 new units added during the year, down from 2,645 the year before, and net absorption totaled more than 1,000. The vacancy rate increased 10 basis points over the year to 5.3% and was also up 10 in the fourth quarter, when no units were added. The vacancy rate edged up to 5.4% in January 2018. The average effective rent increased by less than household average income in 2017, and this is expected to continue. During 2017, the average asking rent increased 3.0% to $1,053 per month; but the average effective rent was up just 2.4% to $996 per month, and rents fell 0.2% by both measures in the fourth quarter. Overall rents increased 0.5% by both measures in January 2018.
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The 92,600-unit Pittsburgh apartment market was balanced in 2017, as a development boom started to slow. There were 1,129 new units added during the year, down from 2,645 the year before, and net absorption totaled more than 1,000. The vacancy rate increased 10 basis points over the year to 5.3% and was also up 10 in the fourth quarter, when no units were added. The vacancy rate edged up to 5.4% in January 2018. The average effective rent increased by less than household average income in 2017, and this is expected to continue. During 2017, the average asking rent increased 3.0% to $1,053 per month; but the average effective rent was up just 2.4% to $996 per month, and rents fell 0.2% by both measures in the fourth quarter. Overall rents increased 0.5% by both measures in January 2018.
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Industrial
The 61-million-square-foot Reis Pittsburgh warehouse/distribution market rebounded in 2017 with 957,000 square feet of net absorption, following the minus 80,000 recorded for 2016. The fourth quarter 2017 total was 103,000 square feet absorbed. The market also had 663,000 square feet of new supply, and the vacancy rate fell 60 basis points in 2017 and 20 during the fourth quarter to 8.8%. The average asking rent was $4.72 psf, up a strong 3.7% over the year, and the average effective rent was $4.45 psf, up 4.0%. The fourth quarter gains were 0.6% and 0.7%, respectively. Vacancy was essentially unchanged, and rents up 0.2% by both measures, in January 2018. The 9.9-million-square-foot local Flex/R&D market also had a solid 2017, with 74,000 square feet of new supply, 202,000 square feet of net absorption, and a vacancy rate that fell 150 basis points over the year to 18.6%. The rate was down 30 basis points in the fourth quarter. The average asking rent was up 3.0% over the year to $8.20 psf, with the average effective rent up 3.3% to $7.60 psf. The fourth quarter increases were 0.6% asking and 0.8% effective. Rents were flat, and the vacancy rate up 10 basis points, in January 2018.
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The 61-million-square-foot Reis Pittsburgh warehouse/distribution market rebounded in 2017 with 957,000 square feet of net absorption, following the minus 80,000 recorded for 2016. The fourth quarter 2017 total was 103,000 square feet absorbed. The market also had 663,000 square feet of new supply, and the vacancy rate fell 60 basis points in 2017 and 20 during the fourth quarter to 8.8%. The average asking rent was $4.72 psf, up a strong 3.7% over the year, and the average effective rent was $4.45 psf, up 4.0%. The fourth quarter gains were 0.6% and 0.7%, respectively. Vacancy was essentially unchanged, and rents up 0.2% by both measures, in January 2018. The 9.9-million-square-foot local Flex/R&D market also had a solid 2017, with 74,000 square feet of new supply, 202,000 square feet of net absorption, and a vacancy rate that fell 150 basis points over the year to 18.6%. The rate was down 30 basis points in the fourth quarter. The average asking rent was up 3.0% over the year to $8.20 psf, with the average effective rent up 3.3% to $7.60 psf. The fourth quarter increases were 0.6% asking and 0.8% effective. Rents were flat, and the vacancy rate up 10 basis points, in January 2018.
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Office
The 52.7-million-square-foot Pittsburgh general purpose, multi-tenant office market had a down year in 2017, with just 58,000 square feet of net absorption overall and minus 69,000 square feet in the fourth quarter. The market added 368,000 square feet of new space during the year. The fourth quarter vacancy rate was 17.5%, up 40 basis points over the year and up 20 during the fourth quarter. The overall vacancy rate was unchanged in January 2018. Rents, however, are forecast to continue rising by close to 2.0% each year, implying some of that vacant space is not competitive enough to affect other properties. During 2017, the average asking rent increased 2.0% to $22.27 psf, and the average effective rent rose 1.8% to $18.85 psf, following slightly larger gains in 2016. The fourth quarter gains were 0.6% and 0.5%, respectively, followed by flat rents in January 2018.
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The 52.7-million-square-foot Pittsburgh general purpose, multi-tenant office market had a down year in 2017, with just 58,000 square feet of net absorption overall and minus 69,000 square feet in the fourth quarter. The market added 368,000 square feet of new space during the year. The fourth quarter vacancy rate was 17.5%, up 40 basis points over the year and up 20 during the fourth quarter. The overall vacancy rate was unchanged in January 2018. Rents, however, are forecast to continue rising by close to 2.0% each year, implying some of that vacant space is not competitive enough to affect other properties. During 2017, the average asking rent increased 2.0% to $22.27 psf, and the average effective rent rose 1.8% to $18.85 psf, following slightly larger gains in 2016. The fourth quarter gains were 0.6% and 0.5%, respectively, followed by flat rents in January 2018.
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Retail
The 18-million-square-foot Pittsburgh community-neighborhood shopping center market had a good year in 2017, given falling Retail Trade employment and national retail vacancies. The 85,000 square feet of new space added was nearly matched by 68,000 square feet of net absorption, and the vacancy rate was essentially unchanged for the quarter and the year at 8.9%. The average asking rent increased 2.3% over the year to $17.88 psf, with the average effective rent up 2.5% to $15.69 psf. These increases were about the same as the prior two years. The fourth quarter gains were 1.1% asking and 1.2% effective. The vacancy rate was still 8.9% in January, though rents slipped 0.1% by both measures for the month.
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The 18-million-square-foot Pittsburgh community-neighborhood shopping center market had a good year in 2017, given falling Retail Trade employment and national retail vacancies. The 85,000 square feet of new space added was nearly matched by 68,000 square feet of net absorption, and the vacancy rate was essentially unchanged for the quarter and the year at 8.9%. The average asking rent increased 2.3% over the year to $17.88 psf, with the average effective rent up 2.5% to $15.69 psf. These increases were about the same as the prior two years. The fourth quarter gains were 1.1% asking and 1.2% effective. The vacancy rate was still 8.9% in January, though rents slipped 0.1% by both measures for the month.
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