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 squareOffice Report Image 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.

Click here to see the full Q1 2015 Pittsburgh Office Market Report.

Posted on May 19, 2015, in Office and tagged , , , . Bookmark the permalink. Comments Off on Q1 2015 Pittsburgh Office Market Report.

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