Report | Pittsburgh Office Insight - Q4 2015
A single decision in November 2015 by U.S. Steel to forgo an 18-year lease in the Lower Hill District has had a major impact on Pittsburgh’s real estate market, which our projections say could continue for years to come.
The industry giant was set to vacate 425,000 square feet of space at the U.S. Steel Tower, but is instead staying there—at least over the short-term.
Struggles in the energy industry haven’t helped this traditional energy hub, either. The energy-centric Southpointe submarket has seen vacancy rates double from just a few years ago and negotiating leverage continues to move from landlords as demand subsides.
Learn more about what’s happening—and what we expect to occur in the coming months—across Pittsburgh’s office market in our Q4 US Office Insight.
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