Buffalo Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $15.45 2022 Avg. Asking Rent
  • 7.61% 2022 Office Vacancy Rate
  • $14.5M2022 Total Office Sales
  • $37.73Avg. Sale Price/SF

Buffalo office price per square foot in 2022 was $15.45 on average. The local office market recorded an average vacancy rate of 7.61% across all asset classes combined. The 4 transactions that closed here throughout 2022 amounted to a total sale volume of $14.5M. Buffalo office space commanded an average sale price per square foot of $37.73.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Buffalo Class A & A+ Office Space$24.59
  • Buffalo Class B Office Space$17.79
  • Buffalo Class C Office Space$14.19
  • New York Class A & A+ Office Space$43.80
  • New York Class B Office Space$36.92
  • New York Class C Office Space$32.91

Buffalo, NY Office Asking Rents by Class

Average office rent in Buffalo rested at $15.45 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Buffalo averaged $24.59 per square foot. Across all submarkets, class B office space recorded an average asking rent of $17.79 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.19 per square foot, on average. Comparably, statewide New York average office rents by class in 2022 were: $43.80 per square foot for class A office space; $36.92 per square foot for class B office space; $32.91 per square foot for class C office space.

2022 Office Vacancy Rates in Buffalo

Submarket Asking Rents Vacancy Rates
Buffalo- Central $24.73 3.88%
Buffalo - Southeast $24.59 0.36%
Airport $17.69 13.98%
University $17.06 20.63%
Outlying Erie County $14.71 5.43%
Buffalo - Central Business District $13.94 10.83%
Lackawanna - Orchard Park $12.00 15.80%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Buffalo market was 7.61% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Buffalo was 0.36% in the Buffalo - Southeast submarket, while the highest office vacancy in the market was 20.63%, recorded in University.

Office Spaces for Rent in New York

Buffalo Office Sale Price per SF

  • $37.732022 Avg. Price per SF
  • -44.14%Y-o-Y Avg. PpSF Change
  • $14.5M2022 Office Sales Volume
  • 42022 Number of Transactions

Buffalo, NY Sale Price per SF Trend

  • Buffalo Avg. Sale Price per SF in 2022$37.73
  • New York Avg. Sale Price per SF in 2022$383.47
Buffalo office space cost in 2022 marked a -44.14% change compared to the previous year. The sale price for office space in Buffalo averaged $37.73 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $383.47 per square foot.

2022 Office Sales Volume

  • Buffalo, NY Total Office Sales Volume in 2022 $14.5M
  • Buffalo, NY Total Number of Office Sales Closed in 2022 4
A total of 4 deals closed on the Buffalo office market in 2022, adding up to a yearly sales volume of $14.5M. Notably, the largest transaction on the market saw HSBC Atrium change hands for $9,000,000 on 12/16/2022.

Largest Buffalo Office Sales in 2022

Property name Address Date Price
HSBC Atrium 95 Washington Street 12/16/2022 $9,000,000
17 Court Street 17 Court Street 7/29/2022 $3,300,000
38 North Street 38 North Street 2/1/2022 $1,500,000
3034 Genesee Street 3034 Genesee Street 3/8/2022 $707,500
Data provided by Commercial Edge

Coworking Spaces in New York

2022 Office Construction in Buffalo, NY

  • Buffalo, NY Total SF under construction in 2023 127,000
Largest Office Properties Recently Completed in Buffalo
Office building Address SF Completed
799 Seneca Street 799 Seneca Street, 14210 85,000 2021
HANSA workspace 505 Ellicott Street, 14203 34,220 2020
Conventus 1001 Main Street, 14203 335,000 2015
200 Delaware Avenue 200 Delaware Avenue, 14202 381,101 2009
257 West Genesee Street 257 West Genesee Street, 14202 430,458 2007
285 Delaware Avenue , 14202 109,078 2007
WNY Medical Arts Center 700 Michigan Avenue, 14203 30,000 2007
Retail & Office Space 2227 S Park Ave, 14220 23,288 2007
Key Center at Fountain Plaza - South Tower 40 Fountain Plaza, 14202 182,363 1999
752 East Delavan Avenue 752 East Delavan Avenue, 14215 11,270 1997

Worth noting among recent office completions on the Buffalo market is 799 Seneca Street, which is currently the largest new office development in the city, at 85,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market 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.