Rise Pittsburgh Q2 2021 Viewpoint

The Pittsburgh office market is alive and thriving. Tech, healthcare, and life sciences companies are thriving. Many of them are doubling and tripling in size and looking for office spaces that can not only allow them growth but significant amenities to recruit and retain top talent. The labor market continues to strain businesses. Many new construction projects are underway and speculative development is popping up all over the fringe of the Central Business District. The industrial market remains strong with last-mile distribution centers and logistics in strong demand. Subleasing is beginning to decrease and companies are pulling their listings from the market to utilize the space for themselves. Co-working is back and demand is increasing, as employees are struggling working from home. The fear of the Delta variant of Covid19 is becoming a significant threat to the return to work movement.

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