Pittsburgh Office Figures Q1 2025

Overall vacancy declined slightly from 16.3% in Q4 2024 to 16.2% in Q1 2025, a 10-basis points (bps) decline, a marginal drop but it signals relative stability despite economic uncertainties. The lack of major move-ins suggests demand remains selective.

Asking rents increased to $26.68 per sq. ft. full-service gross (+5.5%) this price increase indicates that landlords are holding firm on pricing, particularly in Class A properties where demand is stronger.

Positive net absorption was 43,446 sq. ft. with the CBD absorbing 57,780 sq. ft. The CBD saw positive momentum driven by renewals and smaller move-ins, while weaker suburban activity offset further gains.

Parkway West saw major move-outs including New York Life. This highlights the challenges in suburban office demand as there are a limited number of properties able to transact.
The absence of new construction starts could