Report: Pittsburgh's office rents off slightly year-over-year

Office rental rates in Pittsburgh were down slightly year-over-year, according to a report by CB Richard Ellis Group Inc.

The city saw a 1.1 percent year-over-year decline in average rental rates, the report found. As of Sept. 30, the average rent for Pittsburgh office space was $22.61 per square foot.
Boston's central business district led the Americas on the report, with a 33.9 percent drop in average rental rates.

Average office rents worldwide declined 7.7 percent in the fiscal year ended Sept. 30, according to the report, with rents down in 131 of the 179 major cities CB Richard Ellis tracks. Nearly 50 markets have seen double-digit declines. Tops among cities seeing declines was Kiev (down 64.6 percent) and Singapore (53.4 percent).

Other large drops include a 41 percent decline in Hong Kong, a 39 percent decline in Abu Dhabi and a 35 percent decline in Moscow.

New York retained its rank as the most expensive North American market, with Midtown rents of $68.93 per square foot. New York’s rents rank 24th globally.

London’s West End, where rents declined 17.8 percent during the period studied, is the world’s most expensive market, at an average of $184.85 per square foot.

Tokyo, Hong Kong, Moscow and Paris follow London among the world’s most expensive office rental markets.

The Washington Business Journal and the Boston Business Journal, both affiliated publications, contributed reporting.

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