Home > About BNE > Press Room > 2010 Archive > February > CBRE Real Estate Overview Shows Regions Market Stable

CBRE Real Estate Overview Shows Regions Market Stable

Our partners and colleagues at the Buffalo office of CB Richard Ellis presented their 2009-2010 Real Estate Market View report this week.  While there were changes in vacancy rates, absorption and square footage of new construction, the overall assessment of 2009 and prognosis for 2010 was promising and reaffirmed that the quality and stability of our regional real estate market will continue to be an asset for BNE's economic development attraction efforts.

In the sub-markets examined in the report, office, retail and industrial space all saw increases in vacancy rates which resulted in a net drop in absorption for the region as a whole.  However, in each case the vacancy rate either mirrored or lagged behind the national average.  Some real estate executives have even taken the position that the additional square footage available has just increased the amount of product the region can market.

Other positives included the continued stability of lease rates across the region and a growing trend among landlords of offering additional concessions to attract and maintain existing tenants.  Vacancy among retail properties, primarily our malls throughout the region, is very stable, buttressed by the ongoing support from Canadian shoppers.  Prices also continue to hold up well in the multi-housing market.

To access the reports and review more in depth numbers and analysis, visit our BNE real estate page, or go to www.cbre.com/buffalo.