35 offices: Pittsburgh, PA

The complexities of the offices in Pittsburgh could be well readout of their key stats. An average rent per sq.ft. equals $26 for Class A premises. Located close to the universities and research centers, the most in-demand neighborhoods charge even more - up to $40. Given these rates on the market for office space, Pittsburgh can now wrestle with Seattle, housing Amazon’s headquarters, for the place among the cities with the highest rent fees. A hot spot for tech geeks and multinationals as well, Pittsburgh has managed to save some of its pearls. The vacancy rate is still about 16%. Much of the tech activities are located near universities and institutions. Of course, these areas are already booked, and the competition for the free space there is harsh. Surprisingly, downtown’s vacancy rate is also about 15%, which is unusual for the US cities where most of the commercial activities are happening in city center, causing an influx of rent rates and office space shortage.

The office market in Pittsburgh is flooded two-ways. First, old buildings are constantly renovated. Being a city of neighborhoods, more than 90 in total, Pittsburgh has some of them still underdeveloped after the years of neglect. On the other hand, there are those that are overpopulated with the residents and tenants. Here, the new restaurants are opening all the time. City authorities are trying to keep the balance between the commercial boom and the need to keep the historical heritage of the city. For that reason, much of Pittsburgh's office space for lease is renovated, but to a limited extent. Breathing new life in old buildings might also come rather consuming and expensive. However, it does not scare off the large corporations like Uber to move into an old steel mill or Google to rent the office in Pittsburgh's former Nabisco plant. An old chocolate factory hosts the innovative start-ups boiling over robots and self-driving vehicles. In other words, a tenant can potentially turn any piece of unused office space for rent in Pittsburgh into a modern commercial property. It is a great option for the conceptualized ventures that are willing to move into a place that will support their brand strategy, positioning, and overall perception. On the other hand, the office rental market in Pittsburgh will be supplied with more than 1,000,000 sq.ft. in both downtown and suburban areas. As the tech sector gained its momentum, the developers respond back, breaking the 15-years long records and adding more than 1,000 units in the previous year.