Irrespective of class, vacancy downtown is forecasted to rise before the end of the year. The increase will be the result of two major factors: PNC Plaza and BNY Mellon’s restructuring.

1. Tenants soon to find more options downtown
Cleveland
• While Pittsburgh’s downtown Class A vacancy rate has been among the lowest in the U.S. for the last
several years, its Class B vacancy rate, currently at 25.0 percent, is among the highest in the country.
Irrespective of class, vacancy downtown is forecasted to rise before the end of the year. The increase
will be the result of two major factors. First, the 800,000-square-foot Tower at PNC Plaza will deliver in
the summer and PNC will relocate some operations from leased offices, and second, BNY Mellon
intends to consolidate its operations in the region and vacant up to 650,000 square feet at 525 William
Penn Place.
Source: JLL Research
Chart of the week: April 20, 2015
0%
15%
30%
2011 2012 2013 2014 Q1
2015
Class A Class B
CBD Vacancy