2020 Office Space Rent & Sales
- $20.47 2020 Avg. Asking Rent
- 0.54% Y-o-Y Avg. Asking Rent Change
- 13.15% 2020 Office Vacancy Rate
Buffalo office price per square foot in 2020 was $20.47 on average. This marked a +0.54% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.15% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Buffalo Class A Office Space$23.39
- Buffalo Class B Office Space$16.52
- Buffalo Class C Office Space$15.40
- New York Class A Office Space$68.40
- New York Class B Office Space$34.41
- New York Class C Office Space$25.31
Buffalo, NY Office Asking Rents by Class
Average office rent in Buffalo rested at $20.47 per square foot in 2020. 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 $23.39 per square foot. Across all submarkets, class B office space recorded an average asking rent of $16.52 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.40 per square foot, on average. Comparably, statewide New York average office rents by class in 2020 were: $68.40 per square foot for class A office space; $34.41 per square foot for class B office space; $25.31 per square foot for class C office space.
2020 Office Vacancy Rates in Buffalo
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Buffalo - Southeast | $22.66 | 12.73% |
| Buffalo - Central Business District | $17.91 | 16.73% |
Office Spaces for Rent in New York
2020 Office Construction in Buffalo, NY
- Buffalo, NY Total SF completed in 2020 30,388
- Buffalo, NY Total SF under construction in 2021 168,545
During 2020, 30,388 square feet of new office space were delivered across the market. At the close of 2020, the Buffalo office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 30,388 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 168,545 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 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 |
| 500 Seneca Street | 500 Seneca Street, 14204 | 300,000 | 2016 |
| Conventus | 1001 Main Street, 14203 | 335,000 | 2015 |
| Delaware North Building | 250 Delaware Avenue, 14202 | 312,400 | 2015 |
Worth noting among recent office completions on the Buffalo market is 500 Pearl Street, which is currently the largest new office development in the city, at 194,500 square feet.
See reports for nearby markets
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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.