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.
