Buffalo Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $8.7M2024 Total Office Sales
  • $33.95Avg. Sale Price/SF

The 3 transactions that closed here throughout 2024 amounted to a total sale volume of $8.7M. Buffalo office space commanded an average sale price per square foot of $33.95.

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

Buffalo, NY Office Asking Rents by Class

2024 Office Vacancy Rates in Buffalo

Submarket Asking Rents Vacancy Rates
Buffalo - Central Business District $19.94 17.55%
Airport $17.41 22.89%
Buffalo- Central $15.62 29.77%
University $14.79 21.88%
Outlying Erie County $13.00 10.79%
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 Buffalo market was 20.00% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Buffalo was 10.79% in the Outlying Erie County submarket, while the highest office vacancy in the market was 29.77%, recorded in Buffalo- Central.

Office Spaces for Rent in New York

Buffalo Office Sale Price per SF

  • $33.952024 Avg. Price per SF
  • -15.88%Y-o-Y Avg. PpSF Change
  • $8.7M2024 Office Sales Volume
  • 32024 Number of Transactions

Buffalo, NY Sale Price per SF Trend

  • Buffalo Avg. Sale Price per SF in 2024$33.95
  • New York Avg. Sale Price per SF in 2024$291.24
Buffalo office space cost in 2024 marked a -15.88% change compared to the previous year. The sale price for office space in Buffalo averaged $33.95 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

  • Buffalo, NY Total Office Sales Volume in 2024 $8.7M
  • Buffalo, NY Total Number of Office Sales Closed in 2024 3
A total of 3 deals closed on the Buffalo office market in 2024, adding up to a yearly sales volume of $8.7M. Notably, the largest transaction on the market saw Buffalo News Building, The change hands for $5,200,000 on 8/7/2024.
Data provided by Commercial Edge

Coworking Spaces in New York

2024 Office Construction in Buffalo, NY

  • Buffalo, NY Total SF completed in 2024 65,514
  • Buffalo, NY Total SF under construction in 2025 60,000

During 2024, 65,514 square feet of new office space were delivered across the market. At the close of 2024, the Buffalo office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 65,514 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 60,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Buffalo
Office building Address SF Completed
799 Seneca Street 799 Seneca Street, 14210 85,000 2021
HANSA workspace (Private Offices & Coworking) 505 Ellicott Street, 14203 32,000 2020
Conventus 1001 Main Street, 14203 335,000 2015
Delaware North Building 250 Delaware Avenue, 14202 312,400 2015
200 Delaware Avenue 200 Delaware Avenue, 14202 381,101 2009
257 West Genesee Street 257 West Genesee Street, 14202 430,458 2007
285 Delaware Avenue , 14202 109,078 2007
WNY Medical Arts Center 700 Michigan Avenue, 14203 30,000 2007
Retail & Office Space 2227 S Park Ave, 14220 23,288 2007
1625 Broadway St 1625 Broadway St, 14212 13,207 2000

Worth noting among recent office completions on the Buffalo market is 799 Seneca Street, which is currently the largest new office development in the city, at 85,000 square feet.

Data provided by Commercial Edge

See reports for other 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 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 CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Buffalo 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.