Pittsburgh Office Figures Q2 2026

In the current quarter, the office market recorded an improvement in demand as net absorption increased by 297,000 sq. ft. quarter-over-quarter. Year-to-date net absorption improved by 28,000 sq. ft. compared with the same period one year earlier. Vacancy was unchanged quarter-over-quarter but rose by 20 basis points (bps) year-over-year. Availability declined by 70 basis points quarter-over-quarter. It also fell by 60 basis points year-over-year. Average asking rents increased by 1.5% quarter-over-quarter. They rose by 1.3% year-over-year.Since the earliest period in the data set, vacancy increased by 270 basis points. Availability was lower than that period by 30 basis points. Over the same span, average asking rents grew by 9.0%. The construction pipeline decreased from 603,000 sq. ft. in the earliest period and reached zero as projects delivered. Deliveries over that wind-down period totaled 559,000 sq. ft. New leasing this quarter included a 452,000 sq. ft. commitment in Parkway East by a confidential tenant. Another confidential tenant leased 59,000 sq. ft. in Parkway West. GBU Financial Life completed a 31,000 sq. ft. lease in Southpointe.