Commercial Real Estate Market in Buffalo, NY
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
1,745 active listings and 13,922 off-market properties in Buffalo, NY. Commercial property asks $100/SF to buy and $38.48/SF/Yr to lease. Office vacancy runs 21%, the loosest of the segments tracked here.
Market Trends
Buffalo, NY spans 153.8 square miles in Erie County, New York. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Buffalo, NY asks $18.57/SF/Yr to lease and $117/SF to buy. Vacancy runs 21% in 2025, up from 15.4% in 2019.
Retail
Retail space in Buffalo, NY asks $73/SF to buy. Vacancy runs 10.8% in 2025, up from 4.7% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate %
Industrial
Industrial vacancy in Buffalo, NY runs 6.7% in 2025, down from 10.6% in 2019. Nearly 1.4x the 2022 low of 4.9%.
Vacancy Rate %
Multifamily
Multifamily space in Buffalo, NY asks $103/SF to buy. Vacancy runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Mixed use 69%
- Civic 13.5%
- Residential 8%
- Commercial 5.3%
- Open space 4.1%
Largest Zones share of zoned land by district
Residential Neighborhood Zone
Green District
Light Industrial District
Residential Neighborhood Zone
Corridor Rail
Green District (D-OG)
D-IH, D-OS, D-OG, D-ON, C-R C-W-100 TABLE 5A: WATERFRONT YARDS DECEMBER 2016 CITY OF BUFFALO | CHAPTER 496, UNIFIED DEVELOPMENT ORDINANCE CORRIDOR ZONES | 5-9 where it finds that development in these areas will adversely affect the water quality of the water body. b. A shoreline buffer, consisting of undisturbed native or naturalized vegetation, must be prov…
Market overview
Demographics & Economy
Buffalo, NY has 592,039 residents in 278,158 households. Density runs 3,850 people per square mile. Median household income here is $63,336 and median gross rent $1,059 a month.
592,039
Population
278,158
Households
2.1
Avg Household Size
37
Median Age
35%
College-Educated
90%
High-School Grad
153.8 sq mi
ZIP Area
3,850
Density / Sq Mi
$63,336
Median Household Income
$41,207
Median Earnings
$1,059
Median Rent
$197,335
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Tonawanda | $100 (county avg) | $13.41 |
| Cheektowaga | $100 (county avg) | $17.72 |
| Grand Island | $100 (county avg) | — |
Commercial property in Buffalo, NY asks $100/SF. The 3 bordering markets run from $100/SF in Tonawanda to $100/SF in Tonawanda, and the city sits in line with their $100/SF median.
Frequently Asked Questions
What is the average price per square foot for commercial property in Buffalo?
Commercial property in Buffalo, NY asks an average of $100 per square foot. The 6 most recent recorded sales traded at a median of $94/SF, so asking sits 7% above the achieved median. Office carries the highest asking price at $117/SF.
How much does it cost to lease commercial space in Buffalo?
Asking lease rates in Buffalo, NY average $38.48 per square foot per year. Office asks $18.57/SF/Yr as of Q2 26, up from $15.91/SF/Yr in Q1 26.
What is the office vacancy rate in Buffalo?
Office vacancy in Buffalo, NY is 21% as of 2025, up from 15.4% in 2019. Retail vacancy is 10.8%, below Office vacancy.
Which property type has the lowest vacancy in Buffalo?
Industrial has the lowest vacancy in Buffalo, NY at 6.7%, inside a 4.9–10.6% band since 2019. For comparison: office 21%, retail 10.8% and multifamily 5.6% (Northeast).
How does Buffalo compare to nearby markets on price?
Buffalo, NY asks $100/SF against $100/SF in Tonawanda, $100/SF in Cheektowaga and $100/SF in Grand Island.
Where does Realmo's Buffalo market data come from?
Realmo compiles Buffalo, NY figures from 8 recent recorded sales, 1,395 active sale listings, 350 active lease listings, 13,922 tracked off-market properties, the current Buffalo zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 1,395 active for-sale and 350 active for-lease listings in Buffalo, NY. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Price per square foot
- The county-level $/SF blends closed sales aggregated over the trailing months of available data, not a single day's snapshot — it can differ from any one month's own median.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 21,095 zoned acres across 22 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- multifamily vacancy is reported at Northeast region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · report a data issue
