Buffalo Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield
Quarterly office market indicators for Buffalo, aggregated by CREhunt from Cushman & Wakefield. As of Q2 2026, average asking rent was $21.50/SF/yr and vacancy was 20.9%, per Cushman & Wakefield.
Projected current office pricing — Buffalo
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Buffalo office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 Cushman & Wakefield asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~79% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $21.50/SF/yr | 20.9% | -35K SF | — | Cushman & Wakefield |
| Q4 2021 Cushman & Wakefield | $29.52/SF/yr | 8.1% | 2K SF | — | Cushman & Wakefield |
| Q2 2020 Cushman & Wakefield | $17.70/SF/yr | 15.1% | 109K SF | — | Cushman & Wakefield |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Buffalo office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| CBD | $20.75/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| NON-CBD | $22.75/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
Frequently asked questions
- What is the average asking rent for office space in Buffalo?
- As of Q2 2026, the average asking rent for office space in Buffalo was $21.50/SF/yr, per Cushman & Wakefield.
- What is the office vacancy rate in Buffalo?
- The office vacancy rate in Buffalo was 20.9% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Buffalo market data come from?
- This report aggregates quarterly office market data for Buffalo from Cushman & Wakefield.