CBRE Buffalo releases Q4 2022 Office Market Report
February 7, 2023
CBRE Buffalo, an affiliate of CBRE, released its fourth quarter 2022 Office Figures report for the Buffalo Niagara market.
Many companies in Western New York continued to evaluate their current office footprints in 2022. Those evaluations, along with stalled return-to-office (RTO) resulted in a flux of sublease space entering the market and an overall decrease in occupancy by some of the Buffalo Niagara region's largest office users.
Even with soft office fundamentals, Class A office asking rates held strong in the downtown market, while Class B office pricing has remained stable.
About CBRE Buffalo
CBRE Buffalo, an affiliate office of CBRE, offers a full range of commercial real estate services to eight counties across Western New York. CBRE Buffalo specializes in landlord/owner representation, tenant/buyer representation, investment sales, consulting, marketing, and research services. Several staff members have achieved prestigious designations such as the Society of Industrial and Office Realtors (SIOR) and Commercial Investment Real Estate Institute (CCIM). The firm also holds corporate memberships in the International Council of Shopping Centers (ICSC), and Building Owners and Managers Association (BOMA). Learn more: www.cbre.com/buffalo and twitter.com/cbrebuffalo