Rochester Office Rent Price & Sales Report

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
Brighton $21.70 9.39%
CBD $21.05 32.33%
Gates - Greece $19.71 6.01%
Greater Rochester $14.39 10.16%
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 15.55% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Rochester was 6.01% in the Gates - Greece submarket, while the highest office vacancy in the market was 32.33%, recorded in CBD.

Office Spaces for Rent in New York

Rochester Office Sale Price per SF

  • $10.372020 Avg. Price per SF
  • $10.1M2020 Office Sales Volume
  • 32020 Number of Transactions

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
The sale price for office space in Rochester averaged $10.37 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $467.28 per square foot.

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
A total of 3 deals closed on the Rochester office market in 2020, adding up to a yearly sales volume of $10.1M. Notably, the largest transaction on the market saw Xerox Square change hands for $8,350,000 on 9/23/2020.

Largest Rochester Office Sales in 2020

Property name Address Date Price
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
Data provided by Commercial Edge

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.

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
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.

Data provided by Commercial Edge

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.