Buffalo Office Market Trends

Office Rental Market

  • $20.36 2019 Avg. Asking Rent
  • 13.95 % 2019 Avg. Vacancy Rate
  • 239,376 2019 Office Completions (Sqft)
  • 1,071,738 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Buffalo was $20.36 per square foot, and the office vacancy rate across the market averaged 13.95 %. During 2019, developers added 239,376 square feet of new office space to the Buffalo market inventory. Office developments estimated for delivery during 2020 total 1,071,738 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Buffalo Class A Office Buildings$23.55
  • Buffalo Class B Office Buildings$17.64
  • Buffalo Class C Office Buildings$13.02
  • NY Class A Office Buildings$71.98
  • NY Class B Office Buildings$36.81
  • NY Class C Office Buildings$24.83

Buffalo, NY Office Asking Rents by Class

Office asking rents vary across the Buffalo office market depending on several factors, one of which is property class. While rents for Class A office buildings in Buffalo averaged $23.55 per square foot in 2019, Class B office properties garnered average rental rates of $17.64 per square foot. Rental rates for Class C office property in Buffalo averaged $13.02 per square foot. On a statewide level, Class B office space rents averaged $36.81 per square foot, while rents for Class A office space across New York averaged $71.98 per square foot. On average, Class C office properties in New York commanded rents of $24.83 per square foot.

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
Buffalo - Southeast $22.95 9.97 %
Buffalo - Central Business District $19.42 18.22 %
University $16.45 9.95 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in Buffalo was 9.95 % in the University submarket, where asking rents averaged $16.45.
  • The highest office vacancy rate in 2019 in Buffalo was 18.22 % in the Buffalo - Central Business District submarket, where asking rents averaged $19.42.

OFFICE CONSTRUCTION IN Buffalo, NY

  • Buffalo, NY Total Sqft completed in 2019 239,376
  • Buffalo, NY Total Sqft under construction in 2020 1,071,738
10 Largest Office Buildings in Buffalo
Building name Address Total Sqft Year built
Seneca One Tower 1 Seneca Street, 14210 1,348,964 2020
Larkin Center of Commerce 701 Seneca Street, 14210 1,300,000 2014
Main Place Tower & Main Place Mall 350 Main Street, 14202 741,124 1968
The Larkin at Exchange Building 726 Exchange Street, 14210 600,000 2002
Trico Plant Redevelopment 791 Washington Street, 14203 515,000 2021
257 West Genesee Street 257 West Genesee Street, 14202 430,458 2007
Liberty Building 424 Main Street, 14203 385,059 1938
One M&T Plaza 575 Main Street, 14203 372,216 1901
Conventus 1001 Main Street, 14203 335,000 2015
Delaware North Building 250 Delaware Avenue, 14202 312,400 2015
Largest Office Properties Recently Completed in Buffalo
Office building Address Sqft Completed
Trico Plant Redevelopment 791 Washington Street, 14203 515,000 2021
Seneca One Tower 1 Seneca Street, 14210 1,348,964 2020
505 Ellicott Street 505 Ellicott Street, 14203 34,220 2020
500 Pearl Street 500 Pearl Street, 14202 194,500 2019
1091 Main Street 1091 Main Street, 14209 191,150 2019
Chandler Incubator I 155 Chandler Street, 14207 83,693 2018
Cobblestone Building 79 Perry Street, 14203 70,000 2018
1050 Niagara Street 1050 Niagara Street, 14213 60,049 2018
Chandler Incubator II 166 Chandler Street, 14207 52,190 2018
45 Jewett Avenue 45 Jewett Avenue, 14214 44,544 2018
Data provided by Commercial Edge

Office Spaces for Rent in New York

BUFFALO OFFICE SALES TRENDS

  • $93.852019 Avg. Price per Sqft
  • -71.27 %Y-o-Y Avg. PpSF Change
  • $39M2019 Office Sales Volume
  • 72019 Number of Transactions

In 2019, office sales in Buffalo averaged $93.85 per square foot. This marked a -71.27 % decrease in office price per square foot, compared to the previous year. A total of 7 office sales closed on the Buffalo office market in 2019, amounting to a total sales volume of $39M.

Average Office Sale Price per Sqft

Buffalo, NY Sales Trends

  • Buffalo Price per Sqft$93.85
  • New York Price per Sqft$554.66

Office Sales - Trend and Volume

  • Buffalo, NY Total Office Sales Volume in 2019 $39M
  • Buffalo, NY Total Number of Office Sales Closed in 2019 7

Largest Buffalo Office Sales in 2019

Property name Address Date Price
Federal Center 130 Delaware Avenue 6/5/2019 $16,900,000
2421 Main Street 2421 Main Street 11/7/2019 $5,445,000
William E. Mosher Health Center 899 Main Street 3/22/2019 $4,335,000
186 Exchange Street 186 Exchange Street 9/10/2019 $4,299,112
Theater Place 622 Main Street 2/8/2019 $3,250,000
Data provided by Commercial Edge

See trends for nearby markets

The Buffalo office market contains an inventory of 18,352,860 square feet of office space, in 200 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all Buffalo commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.