We analyzed office leases signed in Pittsburgh made up of 5,000+ square feet since January 2020 to shed light on where tenants are moving and to what type of space. We learned the share of new leases vs. renewal leases post-Covid is 15% greater than pre-Covid averages (39% vs 54%).
What's driving the activity? Tenants are seeking less space, but better space, and while the average tenant footprint is shrinking, they are gravitating toward Class A and Trophy buildings. This mutes the impact on tenants' total cost of occupancy.
To learn more about Pittsburgh leasing activity and how tenant preferences have evolved over the last few years, download our infographic.
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