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% |
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
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
Coworking Spaces in Pennsylvania
- New York City Coworking Space
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- Ann Arbor Coworking Space
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.
Office building | Address | SF | Completed |
---|---|---|---|
Mill 19 - Building C | 4000 2nd Avenue, 15207 | 97,000 | 2023 |
The Assembly | 5051 Centre Avenue, 15213 | 355,000 | 2022 |
Liberty East | 141 South Saint Clair Street, 15206 | 306,978 | 2022 |
Pittsburgh Athletic Association Building | 4215 5th Avenue, 15213 | 130,000 | 2022 |
The Box Office at SouthSide Works | 425 Cinema Drive, 15203 | 66,263 | 2022 |
Factory 26 at 3 Crossings | 211 26th Street, 15222 | 56,642 | 2022 |
Rockwell Park - The Apollo | 7511 Thomas Blvd, 15208 | 39,196 | 2022 |
75 Hopper Place | 75 Hopper Place, 15222 | 145,292 | 2021 |
Rockwell Park - The Edwin | 7514 Thomas Blvd, 15208 | 124,171 | 2021 |
Bakery Office Three | 6420 Penn Avenue, 15206 | 306,333 | 2020 |
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.
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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.