Pittsburgh Office Figures Q3 2026

Market conditions in Q3 2026 showed modest improvement in occupancy while demand remained active. Net absorption turned strongly positive at 176,000 sq. ft., narrowing year-to-date net absorption to negative 77,000 sq. ft. and pushing vacancy down 20 basis points (bps) quarter-over-quarter to 17.4%. Availability also declined, falling 30 bps to 19.7%, even as leasing volume moderated from the recent peak: tenants signed 649,000 sq. ft. in Q3 2026 compared with 870,000 sq. ft. in Q2 2026. With no new deliveries and no space under construction, supply pressure stayed limited, and average asking rent increased from $27.18 per sq. ft. to $27.38 per sq. ft. over the quarter.

Over the period from Q3 2023 through Q3 2026, the market shifted toward higher vacancy even as leasing volume generally strengthened and new supply tapered. Vacancy rose from 14.9% to 17.4%, a gain of 250 bps, while availability edged down from 20.8% to 19.7%. Occupancy contracted in several quarters, including sizable negative absorption of 360,000 sq. ft. in Q3 2024, 324,000 sq. ft. in Q2 2025 and 281,000 sq. ft. in Q1 2026, though these were offset by intermittent positive quarters. Leasing activity climbed from 280,000 sq. ft. in Q3 2023 to a high of 870,000 sq. ft. in Q2 2026, indicating stronger tenant engagement over time.