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Pittsburgh-Area Office Market Remains Stable

PHILADELPHIA-Despite a slight rise in available space, the overall Pittsburgh office market remains stable, according to Mark Jablonski, research director for Insignia Oxford. Availability in the Greater CBD is 23.6%, compared with 19.9% in the suburbs.

By Marita Thomas | Updated on September 25, 2002

PHILADELPHIA-Despite a troubled stock market and uncertain economic news both locally and nationally, the overall Pittsburgh office market remains stable, according to Mark A. Jablonski, research director of the Pittsburgh Insignia Oxford office. The availability rate in the Greater CBD rose slightly to 23.6% in second-quarter 2002, while availability in the suburban market increased just one-half a percentage point to 19.9%.

The research shows that effective rental rates in the CBD in second quarter dropped to an average asking rate of $18.83 per sf, down from an average of $19.63 per sf at the end of March 2002. During the same period, in the Greater CBD, the average fell to $17.73 per sf, from $18.07 per sf in the previous quarter.

By contrast, office rental rates in the Oakland submarket showed a significant increase in second quarter. The asking average was $19.60 per sf, compared with an average asking rate of $17.90 per sf at the end of March.

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