Rochester Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $20.98 2022 Avg. Asking Rent
  • -0.51% Y-o-Y Avg. Asking Rent Change
  • 10.17% 2022 Office Vacancy Rate
  • $33.8M2022 Total Office Sales
  • $67.32Avg. Sale Price/SF

Rochester office price per square foot in 2022 was $20.98 on average. This marked a -0.51% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 10.17% across all asset classes combined. The 8 transactions that closed here throughout 2022 amounted to a total sale volume of $33.8M. Rochester office space commanded an average sale price per square foot of $67.32.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Rochester Class A & A+ Office Space$22.45
  • Rochester Class B Office Space$20.70
  • Rochester Class C Office Space$13.26
  • New York Class A & A+ Office Space$43.80
  • New York Class B Office Space$36.92
  • New York Class C Office Space$32.91

Rochester, NY Office Asking Rents by Class

Average office rent in Rochester rested at $20.98 per square foot in 2022. 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 $22.45 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.70 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $13.26 per square foot, on average. Comparably, statewide New York average office rents by class in 2022 were: $43.80 per square foot for class A office space; $36.92 per square foot for class B office space; $32.91 per square foot for class C office space.

2022 Office Vacancy Rates in Rochester

Submarket Asking Rents Vacancy Rates
Pittsford $23.84 15.71%
Brighton $21.64 16.25%
Henrietta $21.48 5.40%
CBD $21.39 11.17%
Gates - Greece $19.65 1.41%
Greater Rochester $18.53 11.41%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Rochester market was 10.17% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Rochester was 1.41% in the Gates - Greece submarket, while the highest office vacancy in the market was 16.25%, recorded in Brighton.

Office Spaces for Rent in New York

Rochester Office Sale Price per SF

  • $67.322022 Avg. Price per SF
  • 16.40%Y-o-Y Avg. PpSF Change
  • $33.8M2022 Office Sales Volume
  • 82022 Number of Transactions

Rochester, NY Sale Price per SF Trend

  • Rochester Avg. Sale Price per SF in 2022$67.32
  • New York Avg. Sale Price per SF in 2022$383.47
Rochester office space cost in 2022 marked a +16.40% change compared to the previous year. The sale price for office space in Rochester averaged $67.32 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $383.47 per square foot.

2022 Office Sales Volume

  • Rochester, NY Total Office Sales Volume in 2022 $33.8M
  • Rochester, NY Total Number of Office Sales Closed in 2022 8
A total of 8 deals closed on the Rochester office market in 2022, adding up to a yearly sales volume of $33.8M. Notably, the largest transaction on the market saw 150 Sawgrass Drive change hands for $10,000,000 on 10/28/2022.

Largest Rochester Office Sales in 2022

Property name Address Date Price
150 Sawgrass Drive 150 Sawgrass Drive 10/28/2022 $10,000,000
Henrietta Shopping Center 1180 Jefferson Road 9/23/2022 $9,425,000
77 Ridgeland Road 77 Ridgeland Road 10/14/2022 $3,407,322
2975 Brighton Henrietta Town Line Road 2975 Brighton Henrietta Town Line Road 11/22/2022 $3,400,000
150 Mt. Hope Avenue 150 Mount Hope Avenue 12/9/2022 $3,400,000
Data provided by Commercial Edge

Coworking Spaces in New York

2022 Office Construction in Rochester, NY

Largest Office Properties Recently Completed in Rochester
Office building Address SF Completed
260 East Broad Street 260 East Broad Street, 14604 106,000 2021
Sibley Square 250 East Main Street, 14604 472,836 2018
Seneca Building 245 East Main Street, 14604 168,449 2012
61 Commercial Street 61 Commercial Street, 14614 54,000 2007
Buckingham Commons 85 Allen Street, 14608 72,800 2006
The Michaels-Stern Building 87 North Clinton Avenue, 14604 122,500 2002
192 & 194 Mill Street 192 Mill Street, 14614 52,926 1999
Legacy Tower 1 Bausch & Lomb Place, 14604 460,517 1994
University Business Center - Building 1 1040 University Avenue, 14607 48,446 1990
Corporate Place 255 East Avenue, 14604 152,000 1986

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.

Data provided by Commercial Edge

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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.