2020 Office Space Rent & Sales
- $20.95 2020 Avg. Asking Rent
- 15.55% 2020 Office Vacancy Rate
- $10.1M2020 Total Office Sales
- $10.37Avg. Sale Price/SF
Rochester office price per square foot in 2020 was $20.95 on average. The local office market recorded an average vacancy rate of 15.55% across all asset classes combined. The 3 transactions that closed here throughout 2020 amounted to a total sale volume of $10.1M. Rochester office space commanded an average sale price per square foot of $10.37.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Rochester Class A Office Space$21.44
- Rochester Class B Office Space$20.89
- Rochester Class C Office Space$12.35
- New York Class A Office Space$68.40
- New York Class B Office Space$34.41
- New York Class C Office Space$25.31
Rochester, NY Office Asking Rents by Class
Average office rent in Rochester rested at $20.95 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 Rochester averaged $21.44 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.89 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $12.35 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 Rochester
|Submarket||Asking Rents||Vacancy Rates|
|Gates - Greece||$19.71||6.01%|
Rochester Office Sale Price per SF
Rochester, NY Sale Price per SF Trend
- Rochester Avg. Sale Price per SF in 2020$10.37
- New York Avg. Sale Price per SF in 2020$467.28
2020 Office Sales Volume
- Rochester, NY Total Office Sales Volume in 2020 $10.1M
- Rochester, NY Total Number of Office Sales Closed in 2020 3
Largest Rochester Office Sales in 2020
|Xerox Square||100 South Clinton Avenue||9/23/2020||$8,350,000|
|Rochester Club Centre||120 East Avenue||5/18/2020||$1,200,000|
|10 Mt. Read Blvd||10 Mt. Read Blvd||6/15/2020||$519,750|
2020 Office Construction in Rochester, NY
- Rochester, NY Total SF completed in 2020
- Rochester, NY Total SF under construction in 2021 106,000
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Rochester office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 106,000 square feet of office space to the market, before year-end.
|260 East Broad Street||260 East Broad Street, 14604||106,000||2021|
|Sibley Square||250 East Main Street, 14604||472,836||2018|
|Tower280||280 East Broad Street, 14604||129,000||2016|
|Highland Hospital Professional Office Building||990 South Avenue, 14620||31,386||2016|
|34-60 Celebration Drive||34 Celebration Drive, 14642||81,711||2014|
|Seneca Building||245 East Main Street, 14604||168,449||2012|
|ESL Federal Credit Union Headquarters||225 Chestnut Street, 14604||151,590||2009|
|Medical Offices at Alexander Park Professional Center||330 Monroe Avenue, 14607||95,951||2009|
|170 Science Pkwy||170 Science Pkwy, 14620||25,600||2008|
|61 Commercial Street||61 Commercial Street, 14614||54,000||2007|
Worth noting among recent office completions on the Rochester market is 260 East Broad Street, which is currently the largest new office development in the city, at 106,000 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 Rochester 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.