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Gregg Broujos
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Market insight is the essential ingredient in all of the services we offer. We monitor trends and make projections to help you make critical decisions. Our researchers continuously source and analyze data in every major global market, helping you adapt to drivers outside your industry and region that could impact your business.

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Recent Pittsburgh Reports

Q4 2014 Pittsburgh Industrial Market Report

The fourth quarter of 2014 finished without the anticipated flourish that it was trending toward. Vacancy actually crept up three basis points from 7.2% to 7.5% while absorption for the quarter experienced a negative 591,656 square feet. This is the largest negative quarter since 2009 and all others, with the exception of the second quarter of 2014, were positive. Even with the market giving back close to 600,000 square feet in the fourth quarter and 300,000 square feet in the second quarter, the year end absorption number was still a rosy 675,000 square feet.

Q3 2014 Retail Newsletter
Q3 2014 Pittsburgh Market Place Newsletter

Pittsburgh’s retail real estate market continued to perform well during the third quarter of 2014. The vacancy rate decreased slightly from 3.9% last quarter to 3.8% during the current quarter. The market has a total inventory of 135,568,879 square feet of which 47,306,165 is considered shopping center or power center space. The asking lease rates increased by .04% over the previous quarter to $12.27 per square foot, a year over year increase of 1.47%. Top quality locations lease for as high as mid $40’s per square foot, while value oriented box spaces could be had for as little as $7.00 per square foot. Total absorption during the quarter was a healthy 360,561 square feet, continuing a trend from the previous three quarters. Absorption year to date comes in at 957,369 square feet. With so much space coming off the market, tenants searching for anchored shopping center space with stop light access have few options from which to choose.

Q3 2014 Pittsburgh Industrial Market Report

As expected the third quarter was an active quarter for lease executions. Net absorption for the quarter was 950,000 SF putting year to date absorption at just under 1,500,000 square feet. This already exceeds 2013’s total absorption of 1,150,000 square feet. With the current activity in the market there is no reason to think the trend will not continue into the fourth quarter. All indications are that 2014 will have a year end positive absorption that hasn’t been witnessed since 2008.

Q3 2014 Pittsburgh Office Market Highlights

The Pittsburgh office market continued its steady growth during the third quarter with increased absorption and an unchanged vacancy rate of 8.4%. The average asking lease rate was up over last quarter to $19.97 per square foot, an increase of 0.7%. Class “A” space continues to be in strong demand, especially in the CBD where the vacancy rate is 6.84% and large blocks of space are scarce. Suburban class “A” space has a higher vacancy rate of 9.1%, with large vacancies in the Cranberry, Monroeville and Parkway West submarkets.

Q2 2014 Pittsburgh Industrial Market Report

Although deal volume in the second quarter was not as robust as the first, activity remained brisk. The expectation is that the third quarter will bring more transactions from the tenants and buyers currently scouring the market. Scouring is the appropriate term given the only potential impediment to increased activity is the lack of quality options for users to move on.

Q4 2013 Investment Newsletter
Q4 2013 Pittsburgh Investment Newsletter

This article is the first of a series that presents various aspects of real estate investment from a comprehensive wealth management perspective. Various relevant topics will include basic real estate asset-class investment characteristics, varying inflation hedging capabilities of public vs. private real estate investments, the market composition of the current real estate universe, and fundamental considerations necessary when determining cap rates on direct investments.


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