Figures

Pittsburgh Office Figures Q4 2024

January 10, 2025 10 Minute Read

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  • Total vacancy this quarter is up from 15.7% last quarter to 16.1%, a 40-bps increase.
    Positive absorption this quarter of 14,329 sq. ft. is attributed to the completion of First National Bank Tower. Tenants including First National Bank, began to take occupancy this fourth quarter of the year.
  • The EQT logo was removed from 625 Liberty Avenue as the company shrunk its downtown presence to three floors in the building where it once had occupied more than 250,000 sq. ft..
  • The average direct asking rate increased from $25.25 per sq. ft.  to $25.30 per sq. ft., a continuation of the increasing trend for asking rents throughout 2024. Rents in the East End seeing the highest asking rents at $36.67 highlighting the submarket’s continued strength.
  • Two of the largest leases of the quarter transacted in the Downtown Fringe, highlighting the activity in the downtown fringe submarket this year.
  • Capital markets activity remains muted as no sale transactions were recorded in the fourth quarter.