Many key fundamentals in Pittsburgh's office market are performing poorly, yet some bullishness exists, according to a Colliers' report that looked at the first quarter of 2025.
Vacancy in the first three months ticked up by 40 basis points from the end of 2024 to 15.5 percent. Also, leasing rates dropped by five cents per square foot to $23.35, while absorption remained negative at -247,600 square feet.
However, there are a few reasons why Colliers is staying optimistic. For one, vacancy remains below the 16.6 percent recorded in the first quarter 2024. Secondly and thirdly, leasing rates are 35 cents higher per square foot than in the third quarter of 2024, and negative absorption has improved from the -330,900 recorded in the final three months of 2024.
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