The majority of available sublet inventory remains high-quality space that was placed on the market as a result of the hybrid workplace environment and tenants reevaluating space needs after COVID-19.
Key Takeaways
- Vacant sublease space makes up 9.8% of total vacant space in Pittsburgh. Class A sublet space makes up 78% of the vacant sublet inventory while Class B accounts for 20% of all the vacant sublet inventory. Vacant sublease space in Pittsburgh saw a slight increase in sublease vacancy from Q4 2022, now at 2,098,928 sf vacant.
- Sublease activity over the past 12 months was 493,638 sf. This is up 42.5% compared to average yearly sublease activity, prior to the pandemic.
- The largest sublease of the quarter was at 1000 Westinghouse Dr where Emerson subleased 142,044 sf.
- The Central Business District (CBD) continues to hold the most amount of sublease space vacant with 594,757 sf.
