Pittsburgh’s market is definitely straining under the weight of the economic difficulties resulting from the pandemic. Net Absorption rates are significantly in the negative and subleases are increasing substantially almost weekly, particularly in the Central Business District (CBD) and Southpointe. A number of developers are taking the risk and building, hoping for a quick rebound. Work has begun in the Strip District and East Pittsburgh and projects have been proposed in East Liberty, Moon Township, the Strip District and Oakland. Additional positive signs have come to light recently. First, there are more and more shots in arms and every shot brings us that much closer to the new normal. And, though the market is definitely softening, vaccinations, as well as the success of our technology industry give reason for hope. Case in point? The William Penn has re-opened for business in the CBD and that is a clear sign that the worst of the pandemic is behind us.
Rise Pittsburgh Q1 2021 Viewpoint
April 15, 2021/