| Business

Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Office vacancies in Pittsburgh market increase from 14.1 to 15.4 percent

James Knox | Tribune-Review
From left, One Oliver Plaza (K&L Gates), the EQT building and Two PNC Plaza building downtown Friday, January 10, 2014.

Email Newsletters

Sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By Sam Spatter
Monday, April 8, 2013, 9:24 p.m.

Office vacancies in the Pittsburgh market increased in the three months ending March 31, despite a continuing decline in the amount of space available Downtown, according to a report.

The region's overall vacancy rate reached 15.4 percent, up from the 14.1 percent at the end of 2012, according to Newmark Grubb Knight Frank's First Quarter Office Market Trends report. It blamed the increase on subdued activity and the addition of more than 200,000 square feet of sublease space.

Sublease space is leased by an existing tenant, which has or will vacate the property, and wants to sublease the space to another tenant to reduce or meet its rental expense.

The Downtown office market improved, with its vacancy rate declining to 14.4 percent from 15.5 percent at the end of 2012.

There was a slight increase in vacancies in the tight Oakland/East End market, rising to 7.2 percent from 6.8 percent. The area with the highest vacancy rate is the eastern region with 30.8 percent, up from 26.5 percent.

A hectic pace of property sales Downtown during the fourth quarter of 2012 declined during the first quarter, the report said. Buyers rushed to take advantage of a real estate tax loophole, which ended Jan. 1.

Among the major leases Downtown during the January-March period were Leech Tishman at 525 William Penn Place; Schneider Downs at One PPG Place; and EQT Corp. adding space at EQT Plaza, 625 Liberty Ave.

Sam Spatter is a staff writer for Trib Total Media. He can be reached at

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Business Headlines

  1. Shell closing Franklin Park office next year
  2. Coal industry’s decline chokes Central Appalachian towns
  3. W.V. entrepreneurs offer hope as coal fades as economic engine
  4. Demand for surveillance systems boosts sales for Vector Security
  5. Pennsylvania Game Commission reaps revenue from shale gas under game lands
  6. Cyber Monday increasingly a ‘blah-iday’ as deals rolled out earlier, longer
  7. Distractions can help keep riders alert in self-driving cars, study finds
  8. University of Pittsburgh researchers revisit war of electric currents
  9. Batteries key to alternative energy’s success
  10. German financial giant Allianz SE slashes coal investments
  11. Stocks shake off Middle East tensions, drop in consumer confidence