Figures

Pittsburgh Office Figures Q4 2025

Pricing first, velocity next: Early signs of stabilization take hold

January 8, 2026 10 Minute Read

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-The overall vacancy rate declines to 17.2% in Q4 2025, down 40 basis points (bps) quarter-over-quarter, signaling incremental stabilization following several years of elevated vacancy.

-Net absorption turned positive at 197,315 sq. ft., led by Class A space, reinforcing the market’s ongoing flight-to-quality dynamic despite softer conditions in lower-tier assets.

-Rents continue to demonstrate notable strength, with market wide average asking rents rising to $26.49 per sq. ft., up 5.3% year-over-year; Class A assets remain the primary driver of growth, with multiple fourth quarter comps exceeding $40 per sq. ft in prime assets., reinforcing landlord pricing power at the top end of the market.

-Construction remains fully paused, with no new projects underway or being delivered.

-Leasing activity increased from the prior quarter but remained concentrated in Class A assets, underscoring tenant selectivity and preference for high-quality space.

-While many occupiers continue to right-size, a growing number of firms that have already downsized and are now reassessing space needs and selectively expanding, suggesting leasing velocity could improve in 2026 in a pattern similar to early-stage recoveries observed in Manhattan.