Market Report

Q4/23 | Industrial Market Report (Hanna Commercial, Pittsburgh)

Though Pittsburgh’s Industrial real estate market remained stable throughout 2023, there are indicators that 2024 could bring some slight softening in vacancies, rents, and investment levels. While a cooling at the national level will impact demand in Pittsburgh, its effects are unlikely to be significant. Because Pittsburgh is not a distribution hub, construction has always been constrained and there is little risk of over-saturation. The market’s net absorption of industrial space was a robust 1.7 million SF in 2023, and local vacancies hovered around 5.5% throughout the entirety of the year.