CBRE Upstate NY Releases Q4 2024 Buffalo Figures Reports

CBRE Upstate NY, an affiliate of CBRE, released its Q4 2024 Buffalo Figures reports for the office, industrial and retail sectors at its annual Market Outlook event.

Office

The Buffalo office market continued to feel the impact of office contractions in 2024, with the overall office vacancy increasing to 16.5%, up from 15.8% in Q4 2023. This is the third consecutive year-over-year vacancy increase as the market has been recovering post-pandemic. This comes as no surprise given the trickle down that was anticipated to follow expiration of leases signed pre-pandemic along with adjustments in office utilization.

Industrial

The industrial property sector remains one of the most resilient and attractive segments within commercial real estate. The Buffalo market continues its low trend with an overall industrial availability rate of 1.9% in 2024, a modest decrease from the previous mark of 2.0% set in 2023. This reduction in availability rate resulted in a positive overall absorption of 45,288 sq. ft. For the Buffalo area, 2024 marked the 21st consecutive year the industrial market availability rate remained below the national average.

Retail

The Buffalo Niagara region experienced a slight increase in retail vacancies in 2024 with the overall rate increasing to 10.8%, up from 10.4% year-over-year. Retailers were very active in the market in 2024 with positive absorption of vacant retail space occurring in all trade areas except for the City of Buffalo Trade Area and Niagara Trade Area. There was a slight decrease in overall retail square footage in the past year, a continuing trend that can be attributed primarily to portions of retail spaces being converted to uses other than traditional retail.

The full reports for the Buffalo market are available by visiting cbre.com/buffalo.

About CBRE Upstate NY
CBRE Upstate NY, an affiliate office of CBRE, offers a full range of commercial real estate advisory and transaction services across New York state with offices in Buffalo, Rochester, Syracuse, and Albany. CBRE Upstate NY specializes in landlord/owner representation, tenant/buyer representation, investment sales, consulting, and research services. A number of the firm’s brokerage team are active members in highly regarded professional designations such as the Society of Industrial and Office Realtors (SIOR) and Certified Commercial Investment Members (CCIM). CBRE Upstate NY team members also hold memberships in industry organizations such as National Association of Industrial and Office Properties (NAIOP), International Council of Shopping Centers (ICSC), Building Owners and Managers Association (BOMA), Urban Land Institute ULI), Commercial Real Estate Women Network (CREW Network), and the National Association of Corporate Real Estate Executives, and the Industrial Development Research Council. Learn more at www.cbre.com/upstateny.