The Pittsburgh office of CresaPartners represents tenants in the metro area. Per CoStar, the total inventory of office space in the Pittsburgh market area is 104,072,275 square feet, comprised of 32,192,283 square feet of Class A, 54,612,471 square feet of Class B, and 17,267,521 square feet of Class C. The main reason for the uniqueness of each of these submarkets is geography. Pittsburgh’s vast hills and valleys, and our three rivers, all contribute to the city’s charm and challenges. Currently, the northern suburban market is quite robust, with relatively high rental rates. This is partly due to easy access to key highways. Conversely, the eastern suburban market has been experiencing very sluggish growth.

The CBD is where a lot of the action is these days in Pittsburgh. After at least five years of tough times for landlords, we are now seeing rental rates beginning to rise – sometimes significantly. The driving force behind this pickup in the CBD is the relocation of a major employer in the City – the University of Pittsburgh Medical Center (UPMC). UPMC is the largest health provider in the City, and own many of the local hospitals. Pittsburgh’s main industry now is not steel, but healthcare. UPMC signed a lease in the US Steel Tower, which enables them to consolidate a lot of separate locations and occupy up to 500,000 square feet in one location in the future. They will take about 200,000 square feet almost immediately. This one deal, coupled with some key expansions of some other firms downtown, has had a noticeable and immediate impact on the market in the CBD. Some buildings are essentially 100% leased, which was unheard of until recently, although there is still plenty of office space left, and plenty of leverage can be used to attain very attractive leases for our clients.

The industrial market has also been on the move. Pittsburgh’s history as a heavy industrial center is almost completely in the past. The industrial users of today require modern, updated facilities, whether it is for manufacturing or mixed-use flex space. It has taken years for Pittsburgh to transform old, heavy manufacturing facilities, such as hulking, abandoned steel mills, into modern industrial and office parks. Now, supply is beginning to catch up with the new demand, as there are some exciting new industrial and flex projects starting to appear in the Pittsburgh metro area.

The two principals of our office have a combined 40 years worth of corporate real estate experience, and CresaPartners is the largest real estate firm in the area that focuses solely on tenant representation.

CresaPartners is a leading international corporate real estate advisory firm that specializes in tenant representation. We provide integrated services—including strategic planning, project management, portfolio management, and capital market expertise—through more than 125 offices in 35 countries, including 47 locations in North America. By exclusively representing tenants, we avoid conflicts of interest and ensure accountability. As a result, we have received the distinguished Site Selection/William Dorsey Service Provider Award for the last five years.