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% |
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
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
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 |
Coworking Spaces in New York
- Washington Coworking Space
- Boston Coworking Space
- Philadelphia Coworking Space
- Columbus Coworking Space
- Cincinnati Coworking Space
- Pittsburgh Coworking Space
- Arlington Coworking Space
- Alexandria Coworking Space
- Cambridge Coworking Space
- Jersey City Coworking Space
- Cleveland Coworking Space
- Dublin Coworking Space
- Princeton Coworking Space
- Richmond Coworking Space
- Stamford Coworking Space
- Newark Coworking Space
- St. Catharines Coworking Space
2022 Office Construction in Buffalo, NY
- Buffalo, NY Total SF under construction in 2023 127,000
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.
See reports for other markets
- New York City Office Rent Price
- Brooklyn Office Rent Price
- Colonie Town Office Rent Price
- Albany Office Rent Price
- Rochester Office Rent Price
- Syracuse Office Rent Price
- Melville Office Rent Price
- White Plains Office Rent Price
- Great Neck Office Rent Price
- Washington Office Rent Price
- Dallas Office Rent Price
- Miami Office Rent Price
- Austin Office Rent Price
- Seattle Office Rent Price
- Houston Office Rent Price
- San Antonio Office Rent Price
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.