Third Quarter Leasing and Sales Activity Remains Strong

The Pittsburgh market continues to live up to the national hype, posting strong gains in all product types while sales continue to remain solid.

The OFFICE MARKET for the Third Quarter of 2013 saw an overall vacancy rate of 8.1% with a quoted rental rate at $18.84. While the vacancy rate ticked up just .1% over the Second Quarter of 2013, the quoted rental rate surged 21 cents per square foot from $18.63. As compared to the Second Quarter of 2012, the vacancy remained the same while the quoted rental rate is up 11 cents per square foot. The Oakland Market near the Universities continues to shine with an effective zero percent vacancy rate. The Class A market in the CBD enjoys a 6.8% vacancy rate with a quoted rate of $24.77 psf, while the Greater Downtown market is even better with a 2.5% vacancy rate and a $22.43 psf average for the Third quarter of 2013.

Read the full Q3 2013 Pittsburgh Investment Newsletter