‒ Leasing activity is up 85.7% year-over-year, though negative net absorption persists.
‒ Class A Office fared well and shows indications of recovery. Class A vacancy dropped 60 basis points quarter-over-quarter to 17.0% for Pittsburgh overall.
‒ Average asking rates for Class A space held steady quarter-over-quarter while Class B asking rates fall by 2.4% as additional space came on the market.
Although many companies in the Pittsburgh market have returned to the office, several have delayed their plans until the start of 2022. The Delta variant forced companies to rethink their plans and implement additional health and safety protocols. Despite the ongoing challenges of the pandemic, leasing activity for office space in the Pittsburgh market is up 85.7% in Q3 2021 compared to Q3 2020. The total vacancy rate dropped 50 basis points from 17.1% to 16.6% over the past quarter as companies regain confidence and optimism that the office is here to stay.