Intelligence

Regional Summaries

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Pittsburgh, PA

Apartment
The 94,064-unit Pittsburgh apartment market vacancy rate is 4.9% for the first quarter of 2019, essentially unchanged for the period and down 60 basis points year-over-year. The average asking rent increased 0.3% during the first quarter of 2019 to $1,112 per month, with the average effective rent up 0.4% to $1,052 per month. The 2018 gains had been 4.9% and 5.0%, respectively, the latest in a series of strong increases. VIEW APARTMENT LISTINGS >
Industrial
The 61.2-million-square-foot Pittsburgh warehouse/distribution space market got off to a strong start in 2019, with 103,000 square feet of net absorption in the first quarter and a vacancy rate that fell 20 basis points to 7.9%. The rate is down 130 basis points year-over-year. Both the average asking rent and the average effective rent were unchanged during the quarter at $4.76 psf and $4.48 psf, respectively. These rates were up a modest 0.6% and 0.7% year-over-year. The 10.0-million-square-foot local Flex/R&D market vacancy rate fell 120 basis points over the first quarter of 2019 to a still-high 18.5%, down 100 basis points from a year earlier. The average asking rent increased 1.1% over the quarter to $8.38 psf, and the average effective rent was up 1.0% to $7.78 psf. The year-over-year gains are 2.1% and 2.4%, respectively. VIEW INDUSTRIAL LISTINGS >
Office
The 53.2-million-square-foot Pittsburgh general purpose, multi-tenant office market has a development boom under way despite high vacancy. The first quarter 2019 vacancy rate was 19.0%, down 30 basis points for the period but up 40 year-over-year. Rents suddenly stopped edging up during the first quarter, as the average asking rent slid 0.2% to $22.52 psf and the average effective rent slipped 0.1% to $19.06 psf. This reduced the year-over-year gains to 0.9% and 1.0%, respectively. VIEW OFFICE LISTINGS >
Retail
The 17.9-million-square-foot Pittsburgh community-neighborhood shopping center market first quarter 2019 vacancy rate is 9.6%, up 70 basis points during the period and up 100 year-over-year. Average community-neighborhood center rents were up 0.4% by both measures in the first quarter, to $18.28 psf asking and $16.04 psf effective. The 2018 rent gain had been 1.8% by both measures. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, Inc. based on Market Summaries for the 85 Primary and Secondary Markets they cover.

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