Office Rental Market
- $18.56 2019 Avg. Asking Rent
- 17.70 % 2019 Avg. Vacancy Rate
- 104,000 2019 Office Completions (Sqft)
- 106,000 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Rochester Class A Office Buildings$21.65
- Rochester Class B Office Buildings$16.71
- Rochester Class C Office Buildings$12.27
- NY Class A Office Buildings$71.98
- NY Class B Office Buildings$36.81
- NY Class C Office Buildings$24.83
Rochester, NY Office Asking Rents by Class
Office asking rents vary across the Rochester office market depending on several factors, one of which is property class. While rents for Class A office buildings in Rochester averaged $21.65 per square foot in 2019, Class B office properties garnered average rental rates of $16.71 per square foot. Rental rates for Class C office property in Rochester averaged $12.27 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 |
---|---|---|
Brighton | $22.58 | 9.35 % |
CBD | $20.71 | 31.60 % |
Gates - Greece | $19.52 | 7.17 % |
Greater Rochester | $13.45 | 13.81 % |
- The lowest office vacancy rate in 2019 in Rochester was 7.17 % in the Gates - Greece submarket, where asking rents averaged $19.52.
- The highest office vacancy rate in 2019 in Rochester was 31.60 % in the CBD submarket, where asking rents averaged $20.71.
OFFICE CONSTRUCTION IN Rochester, NY
- Rochester, NY Total Sqft completed in 2019 104,000
- Rochester, NY Total Sqft under construction in 2020 106,000
Building name | Address | Total Sqft | Year built |
---|---|---|---|
Xerox Square | 100 South Clinton Avenue, 14604 | 880,000 | 1968 |
Eastman Business Park - Buildings 82 & 83 - Research Labs Complex | 1999 Lake Avenue, 14560 | 791,743 | 1972 |
Hawkeye @ Lower Falls | 1447 St. Paul Street, 14621 | 759,000 | 1917 |
Sibley Square | 250 East Main Street, 14604 | 472,836 | 2018 |
Legacy Tower | 1 Bausch & Lomb Place, 14604 | 460,517 | 1994 |
Kodak Tower Commons | 359 State Street, 14650 | 404,313 | 1915 |
150 Verona Street | 150 Verona Street, 14608 | 402,088 | 1983 |
Eastman Business Park - Building 28 | 200 West Ridge Road, 14615 | 325,000 | 1947 |
Clinton Square | 75 South Clinton Avenue, 14604 | 325,000 | 1990 |
Bond Martin Center | 30 Hart Street, 14614 | 318,320 | 1990 |
Office building | Address | Sqft | Completed |
---|---|---|---|
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 |
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 |
150 Mt. Hope Avenue | 150 Mount Hope Avenue, 14620 | 40,197 | 2007 |
Office Spaces for Rent in New York
ROCHESTER OFFICE SALES TRENDS
- $36.092019 Avg. Price per Sqft
- 11.80 %Y-o-Y Avg. PpSF Change
- $6.8M2019 Office Sales Volume
- 32019 Number of Transactions
In 2019, office sales in Rochester averaged $36.09 per square foot. This marked a 11.80 % increase in office price per square foot, compared to the previous year. A total of 3 office sales closed on the Rochester office market in 2019, amounting to a total sales volume of $6.8M.
Average Office Sale Price per Sqft
Rochester, NY Sales Trends
- Rochester Price per Sqft$36.09
- New York Price per Sqft$554.66
Office Sales - Trend and Volume
- Rochester, NY Total Office Sales Volume in 2019 $6.8M
- Rochester, NY Total Number of Office Sales Closed in 2019 3
Largest Rochester Office Sales in 2019
Property name | Address | Date | Price |
---|---|---|---|
500 Canal View Blvd | 500 Canal View Blvd | 8/13/2019 | $4,765,000 |
Kidd Iron Works Building, The | 64 Commercial Street | 4/26/2019 | $1,650,000 |
Irving Place | 30 West Broad Street | 12/23/2019 | $400,000 |
See trends for nearby markets
The Rochester office market contains an inventory of 21,255,390 square feet of office space, in 302 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 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.