Pittsburgh Retail Market Report
Narrow Development Pipeline Tightens Conditions;
CBD Adjusts to Shifting Foot Traffic
Active consumers, slow development aid operations. While total employment remains short of pre-health crisis norms, headcounts in traditional office-using sectors ended the first quarter of 2023 at an all-time high. A well-compensated consumer base supported record retail spending during this three-month period, activity that should prompt expansions from the tenant side over this year’s subsequent months, despite a modest job contraction. These retailers will have to contend with a lack of speculative supply underway. As of June, the metro’s active pipeline totaled no more than 244,000 square feet, roughly 75 percent of which is accounted for.