PITTSBURGH — JLL issued a new Vacancy Forecast for Pittsburgh’s office sector that reveals the deep damage the Covid-19 pandemic is causing to a core engine of the region’s economy.
In the report, the firm projects the Pittsburgh market may reach a regionwide vacancy rate of more than 20 percent in the near future.
Other findings include:
- More than 1.6 million square feet of space is now available for sublease in the region, representing a total of 2.5% of the market, the fourth-highest percentage of any market in the country.
- The vacancy rate for what JLL calls Trophy and Class A office space downtown is now 20.1%, a level JLL calls the highest recorded.
- The 1.5 million square feet of speculative office development happening in the city’s fringe neighborhoods in Oakland, the Strip and the East End that represent 79% of the new office inventory under construction in the region may face major challenges as the added supply finds a more limited demand.
Read more from our news partners at the Pittsburgh Business Times.
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