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)
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 % |
- 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
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 |
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 |
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 |
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.