Positive absorption and new construction signal healthy industrial market in PGH region
Overall vacancy decreased in the final quarter of 2022, returning to favorable trends seen in later quarters of 2021 and 2022. Overall absorption increased within the Pittsburgh region, the most contributive submarkets being Parkway East, Washington County, and Westmoreland County. The largest figure for new construction in comparison with the previous five quarters was seen in Q4, with a majority occurring in the South submarket. Overall, the industrial pipeline remains strong for Class A warehouse distribution space with anticipated increased leasing activity despite concerns regarding interest and inflation.
Read more about the latest retail trends and statistics in the Pittsburgh market within our full report.