Commercial Real Estate Market in Olean, NY
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
74 active listings and 939 off-market properties in Olean, NY. Commercial property asks $46/SF to buy and $11.94/SF/Yr to lease.
Market Trends
Olean, NY spans 65.1 square miles in Cattaraugus County, New York. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Olean, NY runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Vacancy Rate % in Northeast region
Retail
Retail space in Olean, NY asks $172/SF to buy. Vacancy runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in Olean, NY runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily space in Olean, NY asks $94/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
- Residential 58.6%
- Industrial 17.5%
- Open space 13.9%
- Commercial 10.1%
Largest Zones share of zoned land by district
General Residential
Waterfront Conservation
Industrial
Single Family And General Residential
Single Family Residential
Olean, NY zones 3,952 acres across 10 districts. Commercial zoning covers 10.1% of zoned land, residential 58.6%, open space 13.9% and industrial 17.5%. The largest single district is General Residential at 33.1%. For commercial buyers the practical constraint is that only 27.6% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Olean, NY has 18,031 residents in 8,917 households. Density runs 277 people per square mile. Median household income here is $52,569 and median gross rent $777 a month.
18,031
Population
8,917
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
91%
High-School Grad
65.1 sq mi
ZIP Area
277
Density / Sq Mi
$52,569
Median Household Income
$35,754
Median Earnings
$777
Median Rent
$99,400
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Saint Bonaventure | — | — |
| Allegany | — | — |
| Weston Mills | — | — |
| Portville | — | — |
Commercial property in Olean, NY asks $46/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Olean?
Commercial property in Olean, NY asks an average of $46 per square foot. The 4 most recent recorded sales traded at a median of $35/SF, so asking sits 32% above the achieved median. Retail carries the highest asking price at $172/SF.
How much does it cost to lease commercial space in Olean?
Asking lease rates in Olean, NY average $11.94 per square foot per year.
What zoning applies to commercial property in Olean?
Olean, NY zones 3,952 acres across 10 districts, of which 10.1% is commercial and 17.5% industrial. The largest single district is General Residential at 33.1% of zoned land. Residential zoning covers 58.6% and open space 13.9%.
Where does Realmo's Olean market data come from?
Realmo compiles Olean, NY figures from 5 recent recorded sales, 60 active sale listings, 14 active lease listings, 939 tracked off-market properties, the current Olean zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 60 active for-sale and 14 active for-lease listings in Olean, 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.
- 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: 3,952 zoned acres across 10 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 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Northeast region level, retail vacancy is reported at Northeast region level and industrial 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 31 August 2026 · report a data issue
