NVI Technical College Information

M ARKET A NALYSIS 43

A BSORPTION

12-Month Absorption

-1,000,000 -500,000 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Total Market

Net absorption for the overall Pittsburgh Industrial market was 394,975 square feet in second quarter 2023. That compares to 742,685 square feet in first quarter 2023, 572,760 square feet in fourth quarter 2022, and 892,513 square feet in third quarter 2022. The Flex Industrial subtype recorded net absorption of 147,675 square feet in the second quarter 2023, compared to -6,905 square feet in the first quarter 2023, -128,126 in the fourth quarter 2022, and 260,877 in the third quarter 2022. The Logistics Industrial subtype recorded net absorption of -49,643 square feet in the second quarter 2023, compared to 516,060 square feet in the first quarter 2023, 638,110 in the fourth quarter 2022, and 580,124 in the third quarter 2022. The Specialized Industrial subtype recorded net absorption of 296,943 square feet in the second quarter 2023, compared to 233,530 square feet in the first quarter 2023, 62,776 in the fourth quarter 2022, and 51,512 in the third quarter 2022.

F OUR B UILDING I NDUSTRIAL C OMPLEX A PPRAISAL

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