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Market Report

Pittsburgh Office Market Report

2Q 2023

Concentration of Universities Favors Oakland as
Greater Downtown Contends with Readjustment

Core-adjacent submarket notes standout performance. Oakland has demonstrated commendable stability since the onset of the health crisis, posting a 6.5 percent vacancy rate at the end of March. Tight conditions here can be credited to sustained demand from a prolific academic environment, with Carnegie Mellon, Duquesne University and the University of Pittsburgh within a two-mile radius. The Silicon Valley Bank collapse impacting startup formation in the tech and life science sectors is likely to weigh on leasing in the near-term; fortunately, a lack of projects in the local construction pipeline should limit upward pressure on availability. 

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