The Pittsburgh Commercial Real Estate Market

Pittsburgh continues to evolve as a dynamic hub for commercial real estate, where tenants and investors alike can capitalize on a market shaped by digital transformation and sustainability trends. Today, the market is influenced by increased flexibility, green building initiatives, and innovative approaches to property utilization, redefining investment opportunities and elevating asset value across the region.

Crexi equips those looking for Pittsburgh commercial real estate with access to a robust library of investment-ready assets and the tools needed to research, discover, and acquire their next investment. 

Brokers marketing Pittsburgh commercial property harness Crexi's powerful listing management tools to navigate deals from list to close. To date, Crexi's commercial real estate tools have helped brokers close more than $615 billion in asset value and market more than $7 trillion in investments.

Proudly serving Pittsburgh, Ross Township, Homestead, Bethel Park, Bridgeville, and the surrounding communities, Crexi remains the nation's fastest-growing commercial real estate platform - empowering stakeholders to leverage the latest market trends and technology for long-term success.

The State of Commercial Real Estate in Pittsburgh

Pittsburgh, Pennsylvania, nestled in the state's southwest corner, is uniquely situated at the confluence of the Allegheny River and the Monongahela River, which combine to form the Ohio River. This strategic location has played a significant role in the city's history and continues to shape its present.

Known as the Steel City, Pittsburgh has transformed from a steel-based economy to a vibrant hub for healthcare, education, technology, robotics, and financial services. The job market mirrors this diversity, with several Fortune 500 companies and smaller enterprises providing various employment opportunities.

Culture is another strong point. With distinctive food and traditions unique to the area, the city offers a rich, immersive experience for residents and visitors. Moreover, the city's parks and recreational spaces, such as Frick Park, Riverview Park, Highland Park, and Emerald View Park, provide ample opportunities for outdoor activities and relaxation.

Pittsburgh's infrastructure, which includes an extensive urban industrial complex extending to neighboring cities, supports its thriving economy. Whether for business or personal reasons, the market offers a compelling proposition that is hard to ignore.

Pittsburgh Regional Breakdown

Pittsburgh's metropolitan area is the second-largest in the state. Although the population slightly decreased in the 2010s, the past few years have seen the vibrant and diverse city return to a modest but promising growth trajectory, reflecting its resilience. Its wide-reaching metro area is a key player in regional economic development, with numerous educational institutions contributing to its rich intellectual capital.

• Home to nearly 2.5 million in the metropolitan area, Pittsburgh is the 26th largest in the US.
• Greater Pittsburgh includes Allegheny, Armstrong, Beaver, Butler, Fayette, and Westmoreland counties.
• The median age is 34.1, which is lower than the figure in the state.
• Per capita income is $43,590, and median household income is $64,137, with 25% of households earning $100,000 or more annually.
• Over 47% hold a bachelor’s degree or an advanced degree, about 10% higher than the rate in Pennsylvania and the US.
• The three most prominent universities in the metropolitan area are the University of Pittsburgh, Carnegie Mellon University, and Duquesne University.
• Pittsburgh continues to maintain a cost of living below the U.S. average, making it an appealing destination for both residents and businesses seeking affordability without sacrificing quality of life. 

Pittsburgh Job Market

Pittsburgh’s job market remains vibrant, fueled by a diverse blend of emerging sectors and established industry leaders. The city’s highly skilled workforce and culture of innovation continue to drive growth, attracting both dynamic startups and large corporations. The employment landscape not only supports the present economic expansion, but also positions Pittsburgh as one to watch for success in the future.

• GDP for Pittsburgh MSA is $194 billion, reflecting approximately 49% growth over the past ten years, according to the St. Louis Federal Reserve.
• The unemployment rate is 3.2% (November 2024), with the mining and logging, education and health services, financial activities, and leisure and hospitality sectors among the fastest growing.
• The largest employers are the University of Pittsburgh Medical Center, Highmark Health, PNC Bank, University of Pittsburgh, Giant Eagle, and Eat’n Park.
• Key industry sectors in the Pittsburgh region include AI, climate tech and decarbonization, cybersecurity, energy, life sciences and health, manufacturing and distribution, and robotics.
• WalletHub ranks Pittsburgh as the 6th best metro area for STEM jobs in the US.
• Carnegie Mellon University is collaborating with the University of Pittsburgh to further increase STEM, AI, robotics, and neural engineering opportunities.
• Transportation infrastructure includes the Pittsburgh International Airport (PIT), major interstates like I-79 and I-376, and the Port of Pittsburgh - one of the busiest inland ports in the nation.

Pittsburgh Industrial Market

Industrial market overview (Colliers Q4 2024)

• Inventory: 184,932,649 SF
• Vacancy rate: 6.3%
• Absorption: -477,700 (YTD 2024) 
• Key leases by tenant:  Amazon (191,000 SF), Westport Ridge (133,000 SF), Trulite (60,000 SF)
• Under construction: 165,000 SF 
• Largest submarkets: Westmoreland County, South Pittsburgh, North Pittsburgh, Butler County, West Pittsburgh, Northeast Pittsburgh, Washington County

Crexi Insights

These are the most recent industrial lease and sales trends from Crexi Insights (as of February 2025):

For Lease (active)

• Asking rate/SqFt (median): $11 per year
• Median SqFt/listing: 9,208
• Days on market: 436
• Total listings on Crexi: 73 spaces

For Sale (active)

• Median asking price: $1.4 million
• Price/SqFt: $75
• Asking cap rate: 6.8%
• Days on market: 279
• Total listings on Crexi: 38 listings for a total of 931,800 SF

Sales Comps (past 12 months)

• Median sold price: $295,500
• Total sales volume: $11.5 million
• Median SqFt sold/transaction: 2,050

Find Pittsburgh industrial space for rent.

Pittsburgh Office Market

As 2024 came to an end, the Pittsburgh office market continued to show signs of recovery, with steadily declining vacancy rates and rising rental rates highlighting the growing tenant demand. 

Although overall net absorption slipped into negative territory (in part due to new space entering the market following key lease expirations), positive performance in submarkets like Greater Downtown helped mitigate these challenges. Despite the short-term drop in absorption, the ongoing increase in lease rates shows the renewed confidence and long-term potential of a market in a positive transition.

Market overview (Colliers Q4 2024)

• Inventory: 127,223,982 SF
• Vacancy rate: 15.1%
• Absorption: -61,460 (YTD 2024)
• Key leases by tenant: Duquesne Light Co. (124,000 SF), West Virginia Health System (90,250 SF), New York Life (42,693 SF) 
• Under construction: 235,000 SF
• Largest submarkets: Central Business District, Greater Downtown, Parkway West

Crexi Insights

For the latest insights into Pittsburgh's office market, turn to Crexi. Here are the real-time office leasing and sales trends as of February 2025:

For Lease (active)

• Asking rate/SqFt (median): $18 per year
• Median SqFt/listing: 1,821 SF
• Days on market: 273
• Total listings on Crexi: 446 spaces

For Sale (active)

• Median asking price: $725,000
• Price/SqFt: $83 
• Asking cap rate: 5.3%
• Days on market: 222
• Total listings on Crexi: 70 listings totaling 1.5 million SF

Sales Comps (past 12 months)

• Median sold price: $397,500
• Sold price/SqFt: $164
• Total sales volume: $19.8 million
• Median SqFt sold/transaction: 3,310 SF
• Days on market (median): 161

Find Pittsburgh office space for rent. 

Pittsburgh Retail Market

The Pittsburgh retail market continues to build on the progress it made through the end of 2024, when stable vacancy levels and rental rate increases reflected its strengthening performance. A boost in new construction injected fresh retail product into the market, and although net absorption slowed compared to previous quarters, the sector maintained an overall positive trend. Key submarkets remain focal points of the retail market in Pittsburgh, helping contribute to a highly encouraging outlook. 

Retail market overview (Colliers Q4 2024)

• Inventory: 154,087,349 SF
• Rent growth: 3.3% (last 12 months)
• Vacancy rate: 4.9%
• Absorption: 299,012 (YTD 2024)
• Under construction: 116,949 SF 
• Largest submarkets: South Pittsburgh, Westmoreland, North Pittsburgh

Crexi Insights

Retail lease and sales trends from Crexi Insights (as of February 2025):

For Lease (active)

• Asking rate/SqFt (median): $20 per year
• Median SqFt/listing: 2,416 SF
• Days on market: 190
• Total listings on Crexi: 246 spaces

For Sale (active)

• Median asking price: $674,500
• Price/SqFt: $120
• Asking cap rate: 6.5%
• Days on market: 204
• Total listings on Crexi: 72 listings for a total of 916,700 SF

Sales Comps (past 12 months)

• Median sold price: $362,500
• Sold price/SqFt: $176
• Total sales volume: $40.3 million
• Sold cap rate: 6.9%
• Median SqFt sold/transaction: 2,247 SF
• Days on market (median): 193

Find Pittsburgh retail space for rent.

Pittsburgh Multifamily Market

The multifamily market in Pittsburgh is continuing on a positive trajectory, with steady occupancy levels and modest increases in rent supporting demand. A wealth of choices spans established properties in sought-after neighborhoods, as well as ongoing new construction that underscores investor confidence. Based on data from the U.S. Bureau of Labor Statistics, a lower-than-average unemployment rate and solid employment growth further boost market demand, positioning the sector for sustainable growth and stability. 

Multifamily market overview (Collier Q4 2024)

• Total multi-units: 153,968
• Vacancy rate: 5.7%
• Average asking rent: $1,273 
• Rent growth: 5.1% (YoY)
• New construction: 2,824 units
• Most popular neighborhoods for renters (Rent.com): Southside Slopes, Southside Flats, East Carson Street

Crexi Insights

Here are the most recent multifamily insights from Crexi (as of February 2025):

For Sale (active)

• Median asking price: $750,000
• Price/SqFt: $131
• Price/Unit: $162,400
• Asking cap rate: 7.5%
• Days on market: 139
• Total listings on Crexi: 52 listings totaling 492,100 SF

Sales Comps (past 12 months)

• Median sold price: $245,000
• Sold price/SqFt: $106
• Sold price/unit: $125,000
• Total sales volume: $90.8 million
• Sold cap rate: 9.3%
• Total SqFt sold: 832,500 SF

Find Pittsburgh multifamily property for sale.

Get more in-depth Pittsburgh market data with Crexi Intelligence.