Oakland Office Space for Rent
With three of Pittsburgh‘s top institutions of higher learning and several UPMC hospital facilities concentrated in Oakland, the neighborhood consistently draws businesses in the healthcare and tech fields seeking employee and intern talent from the 40,000 local students.
As a whole, the neighborhood is considered to be the academic, medical, tech, and, frequently, the cultural center of Pittsburgh – there’s a reason its nicknamed Pittsburgh’s second downtown. As a crux between “Eds & Meds,” Oakland attracts cross-industry innovation.
Oakland steadily emerging as a hub for startups and incubators; notable residents including Project Olympus, Idea Foundry, and Startup Oakland.
Facebook is also slated to open a new artificial intelligence lab in Oakland. The social media giant has been recruiting from a select pool of professors at Carnegie Mellon University who are experts and pioneers in the field.
|Class A||Class B||Vacancy||Inventory|
|Oakland Office Space||$41/sf||$20/sf||13%||4 msf|
Oakland Office Space | Lease Data & Trends
Oakland has more than 2 million square feet of inventory, a fraction of the roughly 29 million square feet available in urban Pittsburgh. The area has only about a 4% direct vacancy rate, a minimal amount compared to an average of 13% direct vacancy rate in nearby areas. Because of this, Class A product has significantly higher rents in Oakland, with an average asking price of $41 per square foot compared to Pittsburgh’s overall Class A average of $31 per square foot. The overall average asking rent for all classes, however, is lower, at $25 per square foot.
There is about 100,000 square feet of commercial real estate inventory under construction in Oakland.
What Brokers Say About Oakland Office Space for Rent
With proximity to Carnegie Mellon University, University of Pittsburgh, and Carlow University, businesses in Oakland are able to recruit some of the top talent in the state.
The buzzing Forbes Avenue is home to many of the neighborhood’s stores and restaurants. The University of Pittsburgh recently leased a 47,000 square foot property on the street. The Forbes and Fifth Avenue Corridor is a veritable business district of its own – shops, restaurants, and bars, as well as several financial service companies, are all here.
Global policy think tank RAND Corporation is one of the anchors of the local job and office space market, taking up Class A space on the corner of Craig Street and Fifth Avenue.
Shared workspaces are also on the rise in Oakland. Two major local coworking companies – Revv Oakland and StartUptown – recently merged to form Avenu, and the company operates seven locations in the vicinity.
Oakland is known for walkability and easy transport. Its four neighborhoods consistently rank in the 90s on Walk Score. Commuters have their pick of buses, which stop on nearly every block; 19 in total run through Oakland (with nine connecting to downtown). Parking is available, but can be hard to come by without a designated spot. Oakland has some bike lanes, but may not be the easiest commuting option; the four neighborhoods rank between a 60 and 70 Bike Score.
Some of Pittsburgh’s top restaurants are in Oakland, including The Porch at Schenley, Fuel & Fuddle, Legume, and Lucca Ristorante. Redhawk Coffee is a popular, locally-run cafe between Forbes and Fifth Avenue.
Get to Know Oakland
Oakland’s 42-story gothic landmark, the Cathedral of Learning, towers over its skyline – a steady reminder of the rich wealth of education the district holds.
The area was predominantly farmland until the mid-19th century, at which point it underwent a residential boon. By the turn of the century, the City Beautiful movement had provided Oakland with permanent green spaces – most famously, Schenley Park. The park houses the Phipps Conservatory and Botanical Gardens, which has enticed visitors with extravagant gardens and exotic fauna since 1893. The early 20th century brought the arrival of Carnegie Mellon and the relocation of University of Pittsburgh, sealing the neighborhood with its academic character that prevails today. Together with Carlow College, the three schools contribute to an already diverse residential body – it’s estimated that Oakland residents are from at least 90 nations, a remarkable proportion for a population of roughly 10,000.
More than a College Neighborhood
While most students live in Central Oakland, the other three neighborhoods – North Oakland, South Oakland, and West Oakland – have developed distinct vibes of their own. North Oakland is home to the towering Saint Paul Cathedral, a Gothic Revival architectural marvel whose parish was established in 1834. (The church’s spectacular pipe organ was donated by Andrew Carnegie.) South Oakland is the birthplace of native Pittsburgher, Andy Warhol. And though West Oakland is the smallest of the four neighborhoods, it’s home to the Carlow College campus and a UPMC hospital.
There’s a strong concentration of museums all around Oakland – the Soldier and Sailor’s Memorial and Museum, the Stephen Foster Museum, and the Carnegie Museum of Natural History all call the neighborhood home. The Carnegie Museum of Art, widely considered the nation’s first contemporary art museum, lives up to its legacy with 15 new, dynamic modern exhibits every year. At Forbes Digital Plaza, an outdoor digital gallery and pedestrian plaza on Forbes Avenue, art and technology overlap with a series of free public installations.
The main branch of the Carnegie Library – the famed industrialist’s first in his adopted hometown (and one of hundreds around the globe) – is in Oakland at Forbes Avenue.