Syracuse Office Market Trends

Office Rental Market

  • $17.81 2019 Avg. Asking Rent
  • 8.27 % 2019 Avg. Vacancy Rate
  • 45,000 2019 Office Completions (Sqft)
  • 100,000 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Syracuse was $17.81 per square foot, and the office vacancy rate across the market averaged 8.27 %. During 2019, developers added 45,000 square feet of new office space to the Syracuse market inventory. Office developments estimated for delivery during 2020 total 100,000 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Syracuse Class A Office Buildings$23.15
  • Syracuse Class B Office Buildings$17.57
  • Syracuse Class C Office Buildings$15.59
  • NY Class A Office Buildings$71.98
  • NY Class B Office Buildings$36.81
  • NY Class C Office Buildings$24.83

Syracuse, NY Office Asking Rents by Class

Office asking rents vary across the Syracuse office market depending on several factors, one of which is property class. While rents for Class A office buildings in Syracuse averaged $23.15 per square foot in 2019, Class B office properties garnered average rental rates of $17.57 per square foot. Rental rates for Class C office property in Syracuse averaged $15.59 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.

OFFICE CONSTRUCTION IN Syracuse, NY

  • Syracuse, NY Total Sqft completed in 2019 45,000
  • Syracuse, NY Total Sqft under construction in 2020 100,000
10 Largest Office Buildings in Syracuse
Building name Address Total Sqft Year built
AXA Towers I & II 100 Madison Street, 13202 630,000 1966
Galleries of Syracuse 447 South Salina Street, 13202 440,000 1987
National Grid Building 300 Erie Blvd West, 13202 377,454 1932
One Lincoln Center 110 West Fayette Street, 13202 305,394 1970
One Park Place 300 South State Street, 13202 292,820 1983
250 South Clinton Street 250 South Clinton Street, 13202 186,966 1990
The Atrium 2 Clinton Square, 13202 170,000 1990
The Clinton Exchange 101 North Clinton Street, 13202 144,765 1985
University Building 120 East Washington Street, 13202 140,000 1897
600 Erie Place I 620 Erie Blvd West, 13204 130,000 1970
Largest Office Properties Recently Completed in Syracuse
Office building Address Sqft Completed
Bankers Healthcare Group Headquarters 300 Spencer Street, 13204 100,000 2021
980 James Street 980 James Street, 13203 45,000 2019
Icon Tower 344 South Warren Street, 13202 34,600 2017
Marsellus Commons 101 Richmond Avenue, 13204 82,553 2016
706 North Clinton Street 706 North Clinton Street, 13204 40,000 2015
Central New York Biotech Accelerator 841 East Fayette Street, 13210 60,000 2013
Washington Station 333 West Washington Street, 13202 126,000 2010
Jefferson Clinton Commons 500 South Clinton Street, 13202 120,000 2010
Syracuse Center of Excellence 727 East Washington Street, 13210 55,000 2009
358 West Jefferson Street 358 West Jefferson Street, 13202 52,000 2009
Data provided by Commercial Edge

Office Spaces for Rent in New York

SYRACUSE OFFICE SALES TRENDS

  • $155.722019 Avg. Price per Sqft
  • 102.65 %Y-o-Y Avg. PpSF Change
  • $34M2019 Office Sales Volume
  • 32019 Number of Transactions

In 2019, office sales in Syracuse averaged $155.72 per square foot. This marked a 102.65 % increase in office price per square foot, compared to the previous year. A total of 3 office sales closed on the Syracuse office market in 2019, amounting to a total sales volume of $34M.

Average Office Sale Price per Sqft

Syracuse, NY Sales Trends

  • Syracuse Price per Sqft$155.72
  • New York Price per Sqft$554.66

Office Sales - Trend and Volume

  • Syracuse, NY Total Office Sales Volume in 2019 $34M
  • Syracuse, NY Total Number of Office Sales Closed in 2019 3

Largest Syracuse Office Sales in 2019

Property name Address Date Price
Hill Medical Center 1000 East Genesee Street 1/25/2019 $18,900,000
7279 William Barry Blvd 7279 William Barry Blvd 6/12/2019 $11,875,000
Western Union Building, The 351 South Warren Street 6/28/2019 $3,200,000
Data provided by Commercial Edge

See trends for nearby markets

The Syracuse office market contains an inventory of 8,984,651 square feet of office space, in 116 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 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 CommercialEdge can guarantee that the information provided is complete.