Pittsburgh Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $25.92 2023 Avg. Asking Rent
  • -4.73% Y-o-Y Avg. Asking Rent Change
  • 21.05% 2023 Office Vacancy Rate
  • $31.3M2023 Total Office Sales
  • $95.73Avg. Sale Price/SF

Pittsburgh office price per square foot in 2023 was $25.92 on average. This marked a -4.73% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.05% across all asset classes combined. The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $31.3M. Pittsburgh office space commanded an average sale price per square foot of $95.73.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Pittsburgh Class A & A+ Office Space$28.31
  • Pittsburgh Class B Office Space$22.11
  • Pittsburgh Class C Office Space$16.17
  • Pennsylvania Class A & A+ Office Space$32.78
  • Pennsylvania Class B Office Space$24.45
  • Pennsylvania Class C Office Space$29.06

Pittsburgh, PA Office Asking Rents by Class

Average office rent in Pittsburgh rested at $25.92 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Pittsburgh averaged $28.31 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.11 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $16.17 per square foot, on average. Comparably, statewide Pennsylvania average office rents by class in 2023 were: $32.78 per square foot for class A office space; $24.45 per square foot for class B office space; $29.06 per square foot for class C office space.

2023 Office Vacancy Rates in Pittsburgh

Submarket Asking Rents Vacancy Rates
Pittsburgh CBD $27.82 16.82%
South Side - Technology Drive $26.01 27.66%
Greater Downtown $24.93 19.60%
Parkway West $22.70 26.58%
South $22.31 22.49%
North $22.20 16.37%
Parkway East $21.43 26.20%
Northeast $16.38 27.05%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Pittsburgh market was 21.05% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Pittsburgh was 16.37% in the North submarket, while the highest office vacancy in the market was 27.66%, recorded in South Side - Technology Drive.

Office Spaces for Rent in Pennsylvania

Pittsburgh Office Sale Price per SF

  • $95.732023 Avg. Price per SF
  • -20.94%Y-o-Y Avg. PpSF Change
  • $31.3M2023 Office Sales Volume
  • 52023 Number of Transactions

Pittsburgh, PA Sale Price per SF Trend

  • Pittsburgh Avg. Sale Price per SF in 2023$95.73
  • Pennsylvania Avg. Sale Price per SF in 2023$124.26
Pittsburgh office space cost in 2023 marked a -20.94% change compared to the previous year. The sale price for office space in Pittsburgh averaged $95.73 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Pennsylvania average office sale price during the same time period was $124.26 per square foot.

2023 Office Sales Volume

  • Pittsburgh, PA Total Office Sales Volume in 2023 $31.3M
  • Pittsburgh, PA Total Number of Office Sales Closed in 2023 5
A total of 5 deals closed on the Pittsburgh office market in 2023, adding up to a yearly sales volume of $31.3M. Notably, the largest transaction on the market saw Foster Plaza IX change hands for $10,800,000 on 2/13/2023.
Data provided by Commercial Edge

Coworking Spaces in Pennsylvania

2023 Office Construction in Pittsburgh, PA

  • Pittsburgh, PA Total SF completed in 2023 434,100
  • Pittsburgh, PA Total SF under construction in 2024 722,542

During 2023, 434,100 square feet of new office space were delivered across the market. At the close of 2023, the Pittsburgh office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 434,100 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 722,542 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Pittsburgh
Office building Address SF Completed
Mill 19 - Building C 4000 2nd Avenue, 15207 97,000 2023
Liberty East 141 South Saint Clair Street, 15206 306,978 2022
The Box Office at SouthSide Works 425 Cinema Drive, 15203 66,263 2022
75 Hopper Place 75 Hopper Place, 15222 145,292 2021
Bakery Office Three 6420 Penn Avenue, 15206 306,333 2020
Mill 19 - Building A 4000 2nd Avenue, 15207 94,000 2019
One on Centre 4500 Centre Avenue, 15213 9,208 2018
Tower Two-Sixty 260 Forbes Avenue, 15222 400,000 2016
Bakery Office Two 6425 Living Place, 15206 209,244 2016
3 Crossings - 2501 & 2555 Smallman Street 2501 Smallman Street, 15222 128,011 2016

Worth noting among recent office completions on the Pittsburgh market is Mill 19 - Building C, which is currently the largest new office development in the city, at 97,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Pittsburgh commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.