Pittsburgh Industrial Figures Q1 2026

The market in Q1 2026 was characterized by strengthening demand against a backdrop of moderating but still elevated space options. Net absorption climbed to 459,000 square feet (sq. ft.), a 75.9% increase quarter-over-quarter and 30.4% above Q1 2025, reversing the mid-2025 softness. Vacancy edged down to 5.4%, falling 20 bpsfrom Q4 2025 but remaining 10 basis points above a year earlier, while availability improved more visibly, falling negative 40 basis points quarter-over-quarter and negative 10 basis points year-over-year to 6.1%. Pricing moved in the opposite direction. Average asking ratesdeclined 1.3% over the quarter and 14.1% year-over-year to $7.63 per sq. ft., indicating that landlords continued to adjust terms even as occupancy metrics firmed. On the supply side, the construction pipeline expanded sharply from recent lows, with space under construction rising 76.4% quarter-over-quarter and 321.5% year-over-year to 843,000 sq. ft., supported by 318,000 sq. ft. of new deliveries. Overall, Q1 2026 reflected a market where demand and construction activity increased, vacancy and availability eased, and rents reset lower on both a quarterly and annual basis.