MARKETVIEW  
PITTSBURGH OFFICE
Q3 2017
CBRE RESEARCH
Improving employment
growth supporting demand
Direct Vacancy Rate
12.1%
Overall Market Average Lease Rate
$22.36 PSF
Net Absorption
-33,534 SF
Completions
149,000 SF
 
*Arrows indicate change from previous quarter.
HIGHLIGHTS

Pittsburgh’s overall asking rate reached an all-time high of $22.36 per sq. ft.
During the last five years, the average Class A CBD asking rate grew 4% annually
Argo AI leased 65,524 sq. ft. at 3 Crossings Riverfront West, a 131,000 sq. ft. property in the Strip District that broke ground during the third quarter
Five office buildings, totaling 361,464 sq. ft., were under construction at quarter’s end
 
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Ian Anderson
Director, Research and Analysis
+1 215 561 8997
Jeffrey Ackerman
Managing Director
+1 412 394 9800
Zac Chavel
Research Coordinator
+1 412 553 8853
Matthew Gillespie
Researcher
+1 412 316 2411
 
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