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Office Space for Rent in Pittsburgh, PA - 287 Listings

Pittsburgh, PA - Office Market Overview

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The Pittsburgh real estate market includes the Allegheny Center, Fairywood, and Hazelwood office submarkets. With a metropolitan population of over 2.3 million, Pittsburgh is the second-largest city in Pennsylvania.

Nicknamed the 'Steel City' and the 'City of Bridges', Pittsburgh's location at the junction of the Allegheny, Monongahela and Ohio Rivers attract not only traditional manufacturing business, but also the high-technology sector that drives the local demand for Class A office.

As of mid-2017, the Pittsburgh office market encompasses nearly 48 million square feet of existing office space in properties larger than 50,000 square feet. The healthcare, education, technology and financial business sectors help to create dynamic demand for commercial real estate in Pittsburgh.

Pittsburgh, PA - Office Inventory Description

Pittsburgh is home to world-renowned universities such Carnegie Mellon and the University of Pittsburgh that educate the skilled workforce that the city's growing high-technology businesses need. With a gross metropolitan product of over $143 billion annually, the demand for office space in Pittsburgh continues to grow each year. Nearly 54% of the office inventory in Pittsburgh is Class A or A+, while Class B office inventory accounts for another 44% of space to the market.

The Pittsburgh Central Business District office market boasts some of the strongest demand for Class A office space in the city. Located between Point State Park and Duquesne University, where the Allegheny and Monongahela Rivers meet, this submarket has portfolio office properties such as the Five Gateway Center, One PPG Place, and the Henry W. Oliver Building on Smithfield Street.

Pittsburgh, PA Commercial Inventory Breakdown

Office Spaces

Total: 51,399,936 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 5,045,668 SF / 9.82% of total office
  • 100k to 500k SF: 27,990,970 SF / 54.46% of total office
  • 500k to 1M SF: 12,515,917 SF / 24.35% of total office
  • > 1M SF: 5,847,381 SF / 11.38% of total office

By class:

  • Class A+: 5,360,658 SF / 10.43% of total office
  • Class A: 21,334,424 SF / 41.51% of total office
  • Class B: 19,235,610 SF / 37.42% of total office
  • Class C: 372,954 SF / 0.73% of total office

Top 10 Largest Office Buildings

in Pittsburgh

Office building Address Sqft Year built
U.S. Steel Tower 600 Grant Street, 15219 2,336,272 1971
BNY Mellon Center 500 Grant Street, 15219 1,500,000 1984
One Oxford Centre 301 Grant Street, 15219 1,011,109 1983
The Highline 36 Terminal Way, 15219 1,000,000 2004
525 William Penn Place 525 William Penn Place, 15219 942,665 1951
One PPG Place 1 PPG Place, 15222 900,000 1984
Civic Arena Offices - Redevelopment NWC Washington Place & Center Avenue, 15219 810,000 n/a
The Tower at PNC Plaza 300 5th Avenue, 15222 802,000 2015
Heinz 57 Center 339 6th Avenue, 15222 800,000 1914
Fifth Avenue Place 120 5th Avenue, 15222 778,000 1988

Most Recently-Built Office Buildings

in Pittsburgh

Office building Address Sqft Year built
The Offices at 3 Crossings 2545 Railroad Street, 15222 127,527 2018
Burns White Center 2525 Railroad Street, 15222 110,000 2017
Tech Forge on 47th 105 47th Street, 15201 67,910 2017
Tower Two-Sixty 260 Forbes Avenue, 15222 400,000 2016
Bakery Office Two 6425 Living Place, 15206 209,244 2016
3 Crossings - 2501 & 2555 Smallman Street 2501 Smallman Street, 15222 128,011 2016
Schenley Place 4420 Bayard Street, 15213 105,000 2016
The Bentley 965 Greentree Road, 15220 44,000 2016
The Tower at PNC Plaza 300 5th Avenue, 15222 802,000 2015
North Shore Place I & II 358 North Shore Drive, 15212 120,000 2015

Pittsburgh, PA - Green Office Space

Employment

The 2017 National Green Building Adoption Index ranks Pittsburgh 26th among the 30 top markets, for percentage of green office space. Over the past 12 years, the market share of energy-efficient office buildings has increased from under 5% to 38%.

While less than 1% of the office buildings larger than 50,000 square feet in Pittsburgh are LEED-certified, nearly 3% are Energy Star-rated.

Awarded its first Energy Star rating in 2008, the BNY Mellon Center in the Pittsburgh Central Business District has recently achieved a score of 92 out of 100 possible certification points. This 1.5 million square foot Class A office building was originally built in 1984 and has 55 stories, lower floor retail, and underground parking.

Pittsburgh, PA's Top Office-Using Sectors

A recent report by the National Bureau of Economic Research named Pittsburgh the second-best U.S. city for intergenerational economic mobility, reflecting the shift from industrial to the high-technology, Fortune 500, and corporate offices that create demand for Pittsburgh commercial real estate.

  • High-Technology – Demand for white-collar employment in Pittsburgh is created by high-technology companies such as Google, Apple, Facebook, Uber, Autodesk, and IBM.
  • Education – The skilled workforce that high-tech employers demand comes from institutions such as Carnegie Mellon, the University of Pittsburgh, Duquesne University and the 65 other colleges and universities in the metro area.
  • Corporate Office – Businesses with national and regional offices in Pittsburgh include Allegheny Technologies, Alcoa, Kennametal, Mylan Bayer USA, and Deloitte Touch Tohmatsu and are part of one of the top office-using sectors in the city.
  • Fortune 500 Headquarters – PNC Financial Services, PPG Industries, U.S. Steel, The Kraft Heinz Company, and WESCO International all contribute to the demand for Class A office space in Pittsburgh.

Pittsburgh Demographics

Population

  • Total Population305,012
  • Male Population(48.9 %) 149,303
  • Female Population(51.1 %) 155,709
  • Median Age32.90

Income/Financial

  • Average Household Income$66,639
  • Median Household Income$44,092
  • Median Income Under 25$19,769
  • Median Income 25-44$55,158
  • Median Income 45-64$53,128
  • Median Income Over 65$30,507

News

Faros Properties has refinanced its $127.5 million debt on Nova Place, an office and datacenter complex in Pittsburgh. Wells Fargo has provided the $140 million refinance, to be split between a $71 million CMBS WFCM 2019-C51 tranche and two independent notes. The 10-year loan is interest-only an...

  Ever since Gordon Gekko uttered his now infamous credo, “greed is good,” many economists have been concerned with the long-term effects of the growing income inequality in the U.S. While free-market enthusiasts see things differently, inequality has become a recurring topic within our news cyc...

Amazon’s search for a new home has stirred up city officials and developers across the country, and 238 applicants across North America have expressed interest in housing the company’s next headquarters. Of course, the retail giant has a few requirements: the chosen metropolitan area should idea...