Rochester Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $21.48 2023 Avg. Asking Rent
  • 2.39% Y-o-Y Avg. Asking Rent Change
  • 9.78% 2023 Office Vacancy Rate
  • $16M2023 Total Office Sales
  • $73.63Avg. Sale Price/SF

Rochester office price per square foot in 2023 was $21.48 on average. This marked a +2.39% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 9.78% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $16M. Rochester office space commanded an average sale price per square foot of $73.63.

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

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • New York Class A & A+ Office Space$64.56
  • New York Class B Office Space$36.62
  • New York Class C Office Space$45.97

Rochester, NY Office Asking Rents by Class

2023 Office Vacancy Rates in Rochester

Submarket Asking Rents Vacancy Rates
Pittsford $23.99 17.70%
CBD $23.26 6.46%
Brighton $21.78 6.76%
Gates - Greece $18.29 9.36%
Greater Rochester $18.15 13.67%
Henrietta $17.86 12.77%
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 Rochester market was 9.78% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Rochester was 6.46% in the CBD submarket, while the highest office vacancy in the market was 17.70%, recorded in Pittsford.

Office Spaces for Rent in New York

Rochester Office Sale Price per SF

  • $73.632023 Avg. Price per SF
  • 9.37%Y-o-Y Avg. PpSF Change
  • $16M2023 Office Sales Volume
  • 42023 Number of Transactions

Rochester, NY Sale Price per SF Trend

  • Rochester Avg. Sale Price per SF in 2023$73.63
  • New York Avg. Sale Price per SF in 2023$393.23
Rochester office space cost in 2023 marked a +9.37% change compared to the previous year. The sale price for office space in Rochester averaged $73.63 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $393.23 per square foot.

2023 Office Sales Volume

  • Rochester, NY Total Office Sales Volume in 2023 $16M
  • Rochester, NY Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the Rochester office market in 2023, adding up to a yearly sales volume of $16M. Notably, the largest transaction on the market saw Linden Hills Office Park - 430 Linden Avenue change hands for $7,200,000 on 2/6/2023.
Data provided by Commercial Edge

Coworking Spaces in New York

2023 Office Construction in Rochester, NY

  • Rochester, NY Total SF completed in 2023 330,000
  • Rochester, NY Total SF under construction in 2024 30,000

During 2023, 330,000 square feet of new office space were delivered across the market. At the close of 2023, the Rochester office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 330,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 30,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Rochester
Office building Address SF Completed
Seneca Building 245 East Main Street, 14604 168,449 2012
Legacy Tower 1 Bausch & Lomb Place, 14604 460,517 1994
930 Carter St 930 Carter St, 14621 8,350 1985
Avani Business Park 687 Lee Road, 14606 37,236 1976
The Metropolitan 1 South Clinton Avenue, 14614 280,000 1973
Xerox Square 100 South Clinton Avenue, 14604 880,000 1968
One East Avenue 1 East Avenue, 14604 99,921 1963
The Monroe Building 47 W Main St, 14614 25,248 1954
1495 Lake Ave 1495 Lake Ave, 14615 6,426 1950
1495 Lake Ave 1495 Lake Ave, 14615 6,426 1950

Worth noting among recent office completions on the Rochester market is Seneca Building, which is currently the largest new office development in the city, at 168,449 square feet.

Data provided by Commercial Edge

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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Rochester 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.