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)
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
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 |
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 |
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 |
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.