Despite noticeable cooling at the national level, Pittsburgh’s industrial market is holding up well and looking strong in the second quarter of 2024. Though absorption levels remain positive, vacancies are rising across the country as tenants reduce their footprint in the nation’s largest shipping nodes in response to a variety of economic pressures. Nationally, the average industrial vacancy rate is close to 6.3%, representing a 2% climb YOY. With several hundred million SF of space underway, this figure will likely continue to climb as the year progresses.
