Rochester Office Market Trends

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)
In 2019, the average asking rent for office space in Rochester was $18.56 per square foot, and the office vacancy rate across the market averaged 17.70 %. During 2019, developers added 104,000 square feet of new office space to the Rochester market inventory. Office developments estimated for delivery during 2020 total 106,000 square feet.

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 %
Data provided by Commercial Edge
  • 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
10 Largest Office Buildings in Rochester
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
Largest Office Properties Recently Completed in Rochester
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
Data provided by Commercial Edge

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
Data provided by Commercial Edge

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.