Syracuse Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $18.18 2020 Avg. Asking Rent
  • 2.06% Y-o-Y Avg. Asking Rent Change
  • 8.72% 2020 Office Vacancy Rate

Syracuse office price per square foot in 2020 was $18.18 on average. This marked a +2.06% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 8.72% across all asset classes combined.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Syracuse Class A Office Space$23.18
  • Syracuse Class B Office Space$17.99
  • Syracuse Class C Office Space$15.68
  • New York Class A Office Space$68.40
  • New York Class B Office Space$34.41
  • New York Class C Office Space$25.31

Syracuse, NY Office Asking Rents by Class

Average office rent in Syracuse rested at $18.18 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 Syracuse averaged $23.18 per square foot. Across all submarkets, class B office space recorded an average asking rent of $17.99 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.68 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 Syracuse

Submarket Asking Rents Vacancy Rates
I-81 North Corridor $20.07 13.13%
Downtown $15.07 8.05%
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 Syracuse market was 8.72% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Syracuse was 8.05% in the Downtown submarket, while the highest office vacancy in the market was 13.13%, recorded in I-81 North Corridor.

Office Spaces for Rent in New York

2020 Office Construction in Syracuse, NY

  • Syracuse, NY Total SF completed in 2020

During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Syracuse office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.

Largest Office Properties Recently Completed in Syracuse
Office building Address SF Completed
980 James Street 980 James Street, 13203 45,000 2019
1050 West Genesee Street 1050 West Genesee Street, 13204 45,500 2017
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

Worth noting among recent office completions on the Syracuse market is 980 James Street, which is currently the largest new office development in the city, at 45,000 square feet.

Data provided by Commercial Edge

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 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.