Annual Market Reports
Our partner, CBRE|Buffalo, provides a broad range of market data and analysis to keep companies in-the-know on trends and opportunities as they consider Buffalo Niagara for their base of operations. From the market for industrial, professional and retail space to data on the multi-housing market, they provide perspectives each year through the following reports:
With an availability rate of 4.6%, well below the national average, permitting and construction activity will continue to ramp up in order to respond to the increasd demand for industrial space. Areas with the highest availability rates include flexible industrial space in the City of Buffalo Central Business District, as well as warehouse space in the east.
Construction activity has leveled off with approximately 300,000 square feet added to the market across the region. Coupled with rising rental rates for quality space, there remains over 1,000,000 square feet of available downtown office space in Buffalo. The largest segment of this available space is Class-A space. Outside of downtown Buffalo, the majority of space is classified as Class-B space north, south and east of the city.
Retail vacancy rates for the area are three percent higher than the rest of the U.S. (10.3% compared to the 7.3% national average). The Central Business District remains an attractive area for retailers as uncertainty surrounds the enclosed mall sector and its big box retail anchor locations.
The multi-family housing sector saw the highest total number of transactions since 2008 while the average price per unit dropped to $51,556, down from a record high of $53,274 in 2015. In Erie County, the sales transactions were spread more evenly throughout the north and south markets and outpaced sales in the City of Buffalo by more than double.