Syracuse Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $15.72 2024 Avg. Asking Rent
  • 20.04% 2024 Office Vacancy Rate
  • $4.8M2024 Total Office Sales
  • $47.23Avg. Sale Price/SF

Syracuse office price per square foot in 2024 was $15.72 on average. The local office market recorded an average vacancy rate of 20.04% across all asset classes combined. The 3 transactions that closed here throughout 2024 amounted to a total sale volume of $4.8M. Syracuse office space commanded an average sale price per square foot of $47.23.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • New York Class A & A+ Office Space$59.04
  • New York Class B Office Space$43.55
  • New York Class C Office Space$35.67

Syracuse, NY Office Asking Rents by Class

2024 Office Vacancy Rates in Syracuse

Submarket Asking Rents Vacancy Rates
Downtown $17.32 24.37%
Eastside $16.62 22.43%
Westside $16.00 58.17%
I-81 North Corridor $8.00 25.48%
Data provided by Yardi Research
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 Syracuse market was 20.04% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Syracuse was 22.43% in the Eastside submarket, while the highest office vacancy in the market was 58.17%, recorded in Westside.

Office Spaces for Rent in New York

Syracuse Office Sale Price per SF

  • $47.232024 Avg. Price per SF
  • 10.54%Y-o-Y Avg. PpSF Change
  • $4.8M2024 Office Sales Volume
  • 32024 Number of Transactions

Syracuse, NY Sale Price per SF Trend

  • Syracuse Avg. Sale Price per SF in 2024$47.23
  • New York Avg. Sale Price per SF in 2024$291.24
Syracuse office space cost in 2024 marked a +10.54% change compared to the previous year. The sale price for office space in Syracuse averaged $47.23 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $291.24 per square foot.

2024 Office Sales Volume

  • Syracuse, NY Total Office Sales Volume in 2024 $4.8M
  • Syracuse, NY Total Number of Office Sales Closed in 2024 3
A total of 3 deals closed on the Syracuse office market in 2024, adding up to a yearly sales volume of $4.8M. Notably, the largest transaction on the market saw 250 Harrison Street change hands for $1,900,000 on 1/23/2024.
Data provided by Yardi Research

Coworking Spaces in New York

2024 Office Construction in Syracuse, NY

  • Syracuse, NY Total SF under construction in 2025 80,000
Largest Office Properties Recently Completed in Syracuse
Office building Address SF Completed
City Center 400 South Salina Street, 13202 240,000 2022
State Tower 109 South Warren Street, 13202 181,000 2018
Washington Station 333 West Washington Street, 13202 126,000 2010
Central New York Medical Center 739 Irving Avenue, 13210 111,634 1996
2 Clinton Square 2 Clinton Square, 13202 170,000 1990
205 South Salina Street 205 South Salina Street, 13202 40,000 1988
2921 Erie Blvd E 2921 Erie Blvd E, 13224 27,000 1984
Presidential Plaza - 600 East Genesee Street 600 East Genesee Street, 13202 55,000 1980
2005 W Genesee St 2005 W Genesee St, 13219 2,920 1975
1810 Erie Blvd E 1810 Erie Blvd E, 13210 4,200 1974

Worth noting among recent office completions on the Syracuse market is City Center, which is currently the largest new office development in the city, at 240,000 square feet.

Data provided by Yardi Research

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, a market intelligence solution which offers comprehensive real market knowledge on all Syracuse 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 Yardi Research Data can guarantee that the information provided is complete.