The Pittsburgh office market posted a big jump in sublease space with over 830,000 sq. ft. coming available since April, doubling the amount on the market at the end of last year.
Absorption in Q4 2020 was actually positive due to several construction deliveries with pre-leased space: Bakery Office Three (303,461 sq. ft.) partially leased by Philips and Carnegie Mellon University affiliated Software Engineering Institute and both Boardwalk I & II (216,000 sq. ft.) leased by ConnectiveRx.
Construction activity continued to break ground in 2020 on a speculative basis demonstrating developer confidence in demand for new product.