房地产 -2025年第四季度匹兹堡办公室数据 Pittsburgh Office Figures Q4 2025

CBRE

FIGURES|PITTSBURGHOFFICE|Q42025

Pricingfirst,velocitynext:Earlysignsof

stabilizationtakehold

,17.2%

VacancyRate

197,315

SFNetAbsorption

0

SFConstructionDelivered

0

SFUnderConstruction

$26.49

FSG/YRDirectLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

MARKETOVERVIEW

-Theoverallvacancyratedeclinesto17.2%inQ42025,down40basispoints(bps)quarter-over-quarter,signalingincrementalstabilizationfollowingseveralyearsofelevatedvacancy.

-Netabsorptionturnedpositiveat197,315sq.ft.,ledbyClassAspace,reinforcingthe

market’songoingflight-to-qualitydynamicdespitesofterconditionsinlower-tierassets.

-Rentscontinuetodemonstratenotablestrength,withmarketwideaverageaskingrents

risingto$26.49persq.ft.,up5.3%year-over-year;ClassAassetsremaintheprimarydriverofgrowth,withmultiplefourthquartercompsexceeding$40persq.ftinprimeassets.,

reinforcinglandlordpricingpoweratthetopendofthemarket.

-Constructionremainsfullypaused,withnonewprojectsunderwayorbeingdelivered.

-LeasingactivityincreasedfromthepriorquarterbutremainedconcentratedinClassAassets,underscoringtenantselectivityandpreferenceforhigh-qualityspace.

-Whilemanyoccupierscontinuetoright-size,agrowingnumberoffirmsthathavealready

downsizedandarenowreassessingspaceneedsandselectivelyexpanding,suggesting

leasingvelocitycouldimprovein2026inapatternsimilartoearly-stagerecoveriesobservedinManhattan.

FIGURE1:HistoricalAbsorption,Deliveries,andVacancy

Sq.Ft.thousandsVacancy%

20

18

16

14

12

10

8

6

4

2

0

500

400

300

200

100

0

(100)(200)(300)

(400)

NetAbsorptionDeliveriesVacancyRate

Source:CBREResearch,Q42025

1CBRERESEARCH©2026CBRE,INC.

FIGURES|PITTSBURGHOFFICE|Q42025

2CBRERESEARCH©2026CBRE,INC.

Vacancy

ThePittsburghofficemarketclosedQ42025withanoverallvacancyrateof17.2%,representinga40-bpsdeclinefromthepriorquarterandmakingamodestbutmeaningfulsteptoward

stabilization.BothClassAandClassBvacancyimprovedquarteroverquarter,suggestingthatrecentpositiveabsorptionisbeginningtotranslateintotightermarketconditionsacross

multiplesegmentsofthemarket.Whilevacancyremainselevatedrelativetopre-pandemic

normsandhasincreasedoverthelastseveralyears,therecentdownwardmovementindicatesthatmuchofthenear-termcorrectionmaybebehindthemarket.Withnonewconstruction

underwayandtenantdemandincreasinglyconcentratedinhigher-qualityassets,vacancylevels,particularlywithinthewell-locatedClassAbuildings,appearbetterpositionedtostabilizeinthenewyear.

AskingRent

AverageaskingrentsacrossthePittsburghofficemarketclosedQ42025at$26.49persq.ft.,reflectingcontinuedyear-over-yeargrowthandreinforcingthedurabilityofcurrentpricing

levels.ClassAaskingrents,whichareincreasinglyservingastheclearestindicatoroftrue

marketconditions,remainedfirmat$30.00persq.ft.,withrecentleasecompsexceeding

$40.00persq.ft.Theseoutcomessuggestthataskingrentsarecloselyalignedwithwhere

transactionsareultimatelylanding,withlimitedevidenceofbroad-baseddiscountingatthetopendofthemarket.Whilecompetitivepressurespersistinlower-qualityassets,thestabilityofClassApricingunderscoressustainedtenantdemandforhigh-qualityspaceandaffirms

landlordpricingpowerwithinthemarket’smostcompetitivebuildings.

FIGURE2:VacancyRatesbyClass

VacancyRate(%)

22

20

18

16

14

12

10

OverallClassAClassB

Source:CBREResearch,Q42025

FIGURE3:Avg.DirectAskingRate(FSG/YR)byClass

$persq.ft.

33.0031.0029.0027.0025.0023.0021.00

19.00

OverallClassAClassB

Source:CBREResearch,Q42025

FIGURES|PITTSBURGHOFFICE|Q42025

3CBRERESEARCH©2026CBRE,INC.

NetAbsorption

Netabsorptionwaspositive197,315sq.ftinQ42025,ClassAnetabsorptionwaspositive

122,244sq.ftinQ42025.Thismarksanotableimprovementfromthepriorquarterandasignthatleasingactivityisbeginningtotranslateintotangibleoccupancygains.ClassAspace

accountedforthemajorityofabsorptionduringthequarter,continuingtooutperformand

reinforcingthemarket’sflight-to-qualitytrendsastenantsprioritizemodern,amenityrich

buildings.Whilelonger-termabsorptionremainsnegativeandreflectsthecumulativeimpactoftenantright-sizingoverrecentyears,thequarter’spositiveresultssuggeststhatmuchofthenear-termdemandadjustmentmaybenearingcompletion.Withnonewsupplyenteringthe

marketandanincreasingnumberoftenantsreassessingspaceneedsafterearliercontractions,absorptiontrends,particularlywithinClassAassets,appearbetterpositionedtoimproveas

leasingmomentumbuilds.

ConstructionActivity

ConstructionactivityinthePittsburghofficemarketremainsfullypaused,withnoprojects

currentlyunderwayandnonewsupplyprojectedtodeliverinthenearterm.Thisprolonged

developmentpauseiscontributingtograduallytighteningmarketconditionsbyeliminating

competitivepressurefromnewdeliveriesandallowingexistinginventorytimetobeabsorbed.Asleasingactivityincreasinglyconcentratesinhigher-qualityassets,thelackofincoming

supplyreinforcespricingstabilityandpositionswell-locatedbuildingstocapturefuturedemandastenantexpansionactivityresumes.

FIGURE4:NetAbsorptionTrend

Sq.Ft.thousands

300

200

100

0

(100)

(200)

(300)

(400)

""u"--"a""-""

ClassAClassBRolling4QAvg.

Source:CBREResearch,Q42025

FIGURE5:ConstructionActivity

Sq.Ft.thousands

1,400

1,200

1,000

800

600

400

200

0

1,600

UnderConstructionDeliveries

Source:CBREResearch,Q42025

FIGURES|PITTSBURGHOFFICE|Q42025

4CBRERESEARCH©2026CBRE,INC.

LeasingActivity

LeasingactivityinQ42025totaled612,359sq.ft.across15transactions,moderatingfromthepriorquarterbutcontinuingtoreflectmeasuredtenantengagementinthemarket.Activity

remainedconcentratedinClassAspace,reinforcingtenantpreferenceforhigh-qualityassetsasoccupiersremainselectiveintheirdecision-making.Notably,EOSEnergyexecuteda41,268sq.ft.leaseaspartofarelocationofheadquartersfromNewJerseytoPittsburgh,representingameaningfulwinfortheregionandhighlightingthecity’scontinuedabilitytoattractgrowing,operations-drivenfirms.Whileoverallleasingvolumesremainsbelowlonger-termaverages,thequarter’sactivitycombinedwithanexpandingpipelineoffuturerequirements,suggests

underlyingdemandisbuildingandpositionsthemarketforimprovingleasingmomentumasexpansion-drivendecisionsbegintomaterialize.

CBD

DowntownFringe

288,332

ParkwayWest

FIGURE6:LeasingbySubmarket–10,000sq.ft.andup

176,957

129,779

Source:CBREResearch,Q42025

FIGURE6:LeasingActivityTrend–10,000sq.ft.andup

1,400

1,200

1,000

800

600

400

200

0

Sq.Ft.thousands

ClassAClassB

Source:CBREResearch,Q42025

FIGURE8:KeyLeaseTransactions

TenantSq.Ft.LeasedTransactionTypeAddressSubmarket

136,719

Renewal

ParkwayWest

QuestDiagnostics

875GreentreeRd

67,959

Renewal

ClarkHill

CBD

301GrantSt

PWC43,308Renewal301GrantStCBD

41,268

EOSEnergyEnterprises

DowntownFringe

NewLease

2AlleghenyCtr

Govini35,076NewLease1500SmallmanStDowntownFringe

33,666

PittsburghPost-Gazette

DowntownFringe

NewLease

225NShoreDr

Govini21,477NewLease1001LibertyAveCBD

UrbanLeague

20,932

Renewal

3325thAve

CBD

BiohavenPharmaceuticals

19,769

Renewal

2100WhartonSt

DowntownFringe

KLHEngineers15,335NewLease5313CampbellsRunRdParkwayWest

VisitPittsburgh

13,152

NewLease1205thAveCBD

Source:CBREResearch,Q42025

FIGURES|PITTSBURGHOFFICE|Q42025

5CBRERESEARCH©2026CBRE,INC.

MarketStatisticsbyIndex

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

SUBURBAN

ClassA

12,988,006

20.4

24.8

22.7

2.0

24.31

42,743

(48,891)

0

0

ClassB

16,599,388

14.5

16.7

16.5

0.2

20.25

63,301

(3,315)

0

0

ClassC

2,851,089

3.8

8.6

8.6

0.0

15.75

8,891

(7,127)

0

0

Total

32,438,483

15.9

19.2

18.3

0.9

22.00

114,935

(59,333)

0

0

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

AbsorptionYTD

NetAbsorption

Deliveries

UnderConstruction

DOWNTOWN

ClassA

17,733,329

20.7

24.2

22.0

2.2

33.56

79,501

255,715

0

0

ClassB

15,650,722

18.1

21.3

20.5

0.8

26.63

12,679

(299,659)

0

0

ClassC

6,362,490

12.1

16.8

16.1

0.7

20.96

(9,800)

(51,961)

0

0

Total

39,746,541

18.3

21.9

20.5

1.4

29.34

82,380

(95,905)

0

0

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

AbsorptionYTD

NetAbsorption

Deliveries

UnderConstruction

METRO

ClassA

30,721,335

20.6

24.4

22.3

2.1

30.00

122,244

206,824

0

0

ClassB

32,250,110

16.2

18.9

18.4

0.5

23.86

75,980

(302,974)

0

0

ClassC

9,213,579

9.5

14.3

13.8

0.5

19.96

(909)

(59,088)

0

0

Total

72,185,024

17.2

20.7

19.5

1.2

26.49

197,315

(155,238)

0

0

FIGURES|PITTSBURGHOFFICE|Q42025

6CBRERESEARCH©2026CBRE,INC.

MarketStatisticsbySubmarket

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

Absorption

YTDNetAbsorption

Deliveries

UnderConstruction

CBD

23,633,946

19.8

23.8

22.5

1.3

28.79

43,278

(215,324)

0

0

Cranberry

3,387,097

8.1

10.1

9.8

0.2

23.94

15,790

6,063

0

0

DowntownFringe

11,179,695

17.8

21.5

20.5

1.0

28.44

17,730

23,556

0

0

Oakland/EastEnd

4,932,900

12.4

13.3

10.4

3.0

38.86

21,372

95,863

0

0

ParkwayEast

5,208,992

19.0

22.0

22.0

0.1

19.07

(9,739)

(34,079)

0

0

ParkwayNorth

6,888,430

12.6

14.3

13.5

0.8

20.87

3,432

14,063

0

0

ParkwayWest

10,283,318

21.1

25.9

24.0

2.0

24.0

71,991

(51,856)

0

0

South

3,536,169

6.6

9.8

9.3

0.5

19.24

13,349

5,416

0

0

Southpointe

3,134,477

20.0

23.7

23.4

0.3

21.16

20,112

1,060

0

0

Total

72,185,024

17.2

20.7

19.5

1.2

26.49

197,315

(155,238)

0

0

FIGURES|PITTSBURGHOFFICE|Q42025

7CBRERESEARCH©2026CBRE,INC.

EconomicOverview

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcreditmarketsare

helpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.Consumerconfidenceremainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.ThismosaicofdatasuggeststhatannualaverageGDPgrowthwillbesteadyin2026,at2%,butatouch

softerthanin2025.Akeycatalystisasofterlabormarket,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofter

inflationandlong-termbondyieldstrendingjustbelow4%byH22026.

TotalLaborForce

UnemploymentRate

EmploymentUpdate

1.2M

LaborForce

3.9%

UnemploymentRate291.3k

OfficeUsingJobs355.3k

IndustrialUsingJobs156.1k

RetailUsingJobs

Source:USBLS,September2025

Note:Arrowsindicatemonth-over-monthchange.

UnemploymentRateandLaborForceTrends

1,300,000

1,280,000

14%

1,260,000

12%

1,240,000

10%

1,220,000

8%

1,200,000

6%

1,180,000

1,160,000

1,140,000

2019202020212022202320242025Q3

TotalLaborForceUnemploymentRate2025

Source:USBLS,September2025

EmploymentChangebySector–Yearly+MonthlyBarsindicateyearlytrend,arrowsindicatemonthlytrend

4%

2%

0%

18%

16%

FIGURES|PITTSBURGHOFFICE|Q42025

MarketAreaOverview

Definitions

AvailableSq.Ft.:Spaceinabuilding,readyforoccupancywithinsixmonths;canbeoccupiedorvacant.AvailabilityRate:TotalAvailableSq.Ft.dividedbythetotalbuildingArea.AverageAskingLeaseRate:Acalculatedaveragethatincludesnetandgrossleaserate,weightedbytheircorrespondingavailablesquarefootage.BuildingArea:Thetotalfloorareasq.ft.ofthebuilding,

typicallytakenatthe“dripline”ofthebuilding.GrossActivity:Allsaleandleasetransactionscompletedwithinaspecifiedtimeperiod.Excludesinvestmentsaletransactions.GrossLeaseRate:Renttypicallyincludesrealpropertytaxes,buildinginsurance,andmajormaintenance.NetAbsorption:ThechangeinOccupiedSq.Ft.fromoneperiodtothenext.NetLeaseRate:Rent

excludesoneormoreofthe”net”costs(realpropertytaxes,buildinginsurance,andmajormaintenance)typicallyincludedinaGrossLeaseRate.OccupiedSq.Ft.:BuildingAreanotconsideredvacant.VacancyRate:TotalVacantSq.Ft.dividedbythetotal

BuildingArea.VacantSq.Ft.:Spacethatcanbeoccupiedwithin30days.

SurveyCriteriaOfficebuildings10,000sq.ft.orgreater.Excludessingle-tenantowner-occupiedbuildings,Governmentownedandoccupiedbuildings,ormedicalbuildings.

Contacts

JerryLieb

Researc