Pittsburgh Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from CBRE, CBRE Survey H2 2025, Cushman & Wakefield, Newmark, Colliers
Quarterly office market indicators for Pittsburgh, aggregated by PropZone from CBRE, CBRE Survey H2 2025, Cushman & Wakefield, Newmark, Colliers. As of Q1 2026, average asking rent was $26.74/SF with a 17.6% vacancy rate.
Projected current office pricing — Pittsburgh
low confidenceProjected asking rent
$26.74–$26.93/SF/yr
Estimated sale value
$98–$129/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 multiple brokerages data (cap rate 12.5%, asking rent trend-adjusted to today). Assumes ~92% occupancy (vacancy not reported) and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | $26.74/SF | 17.6% | — | 387K SF | CBRE |
| Q1 2026 | $26.74/SF | — | — | — | CBRE Survey H2 2025 |
| Q1 2026 | — | 6.1% | 2K SF | 0K SF | Cushman & Wakefield |
| Q4 2025 | $29.54/SF | — | — | — | Newmark |
| Q4 2025 | — | — | 2K SF | 0K SF | Cushman & Wakefield |
| Q3 2025 | $29.55/SF | 24.5% | — | — | Newmark |
| Q3 2025 | — | 17.3% | 2K SF | 0K SF | Cushman & Wakefield |
| Q1 2025 | $169.00/SF | 2.5% | 2K SF | — | Cushman & Wakefield |
| Q1 2025 | — | 0.6% | -34K SF | — | Colliers |
| Q4 2024 | $29.33/SF | — | — | — | Newmark |
| Q3 2024 | $26.15/SF | — | — | — | Newmark |
| Q2 2024 | $21.86/SF | — | 33K SF | — | Newmark |
| Q4 2023 | $21.05/SF | — | — | — | Newmark |
| Q1 2023 | — | 23.4% | — | — | Newmark |
| Q4 2022 | $24.78/SF | — | — | — | Newmark |
| Q3 2022 | $25.79/SF | — | 5K SF | — | Newmark |
| Q3 2020 | $24.10/SF | — | — | — | Newmark |
Frequently asked questions
- What is the average asking rent for office space in Pittsburgh?
- As of Q1 2026, the average asking rent for office space in Pittsburgh was $26.74/SF, per CBRE.
- What is the office vacancy rate in Pittsburgh?
- The office vacancy rate in Pittsburgh was 17.6% as of Q1 2026 (CBRE).
- Where does PropZone's Pittsburgh market data come from?
- This report aggregates quarterly office market data for Pittsburgh from CBRE, CBRE Survey H2 2025, Cushman & Wakefield, Newmark, Colliers.
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