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Slow but Steady Progress Positions Market for
Second Consecutive Year of Tightening
Approaching employment benchmark reflects demand growth. Pittsburgh’s post-pandemic hiring lags behind many major U.S. markets, but the metro has held below 4.0 percent unemployment for the last two years and is slated to exceed the pre-pandemic headcount this year. As the market approached this benchmark over the 12 months ended in March, vacancy fell 100 basis points. This shift comes after rising 340 basis points over a two-year period to 6.1 percent early in 2024. Moving forward, stronger employment gains and the highest net in migration since 2013 are poised to increase upon the more than 2,800 households already formed in the past 12 months. As a result, further vacancy declines are expected in 2025, as leasing outpaces the metro’s shrinking delivery slate.