Q1 2015 Pittsburgh Office Market Report
The first quarter of 2015 ended with an overall vacancy rate of 8.1% with net absorption totaling a positive 127,251 square feet for the quarter. Sublease space increased during this period ending with 307,784 square feet available. Rental rates finished up $19.84 representing a decrease of 4% adjusted for all classes of available space.
The Class A office market recorded net absorption of a positive 130,773 SF. The Class B office market recorded net absorption of a positive 38,875 SF. The Class C office market recorded net absorption of a negative (42,397) SF. Net absorption for Pittsburgh’s Central Business District was positive 19,408 SF.
Major Lease Transactions: Chevron Corporation executed a lease for 120,000 SF at Cherrington Corporate Center, Building 700 and CA Technologies executed a lease for 22,143 SF at Foster Plaza 9 in the Parkway West Market. Gateway Health Plan executed a lease for 20,298 SF at the Chamber of Commerce Building in the Central Business District.
Posted on May 19, 2015, in Office and tagged Colliers International | Pittsburgh, Office, Pittsburgh, Pittsburgh Commercial Real Estate. Bookmark the permalink. Comments Off on Q1 2015 Pittsburgh Office Market Report.