The Evolution of the Buffalo Office Market, Post-Pandemic, Alexander Vilardo

In the aftermath of the Covid-19 pandemic, the Buffalo office market is undergoing significant changes. With remote work still prevalent, office vacancy rates are stabilizing after a surge last year. The overall market is contracting due to reduced demand: nearly one million square feet of office space has been withdrawn from downtown Buffalo.

There is a shift in demand, however, towards higher-quality office spaces, and this trend is leading to a scarcity of new office spaces entering the market.

In light of these developments, it is evident that downtown Buffalo is experiencing a transformation that was unforeseen. The landscape is witnessing a decrease in available office spaces juxtaposed with a rise in residential occupancy. This shift underscores the evolving dynamics of the city's commercial and residential sectors.

The future of downtown Buffalo presents a unique blend of challenges and opportunities, as the office market adapts to new norms post-pandemic.

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Four years after the Covid-19 pandemic sent workers home, the fallout still is reshaping the Buffalo office market. While many office workers continue to work from home at least part of the week, vacancy levels have stabilized after spiking a year ago. But the overall office market is shrinking as demand ebbs. Almost 1 million square feet of office space, mostly in lower-grade facilities, has been pulled from the market. Higher-end office space is in greater demand, as employers try to entice workers to come into the office more often. And very little new space is coming on the market.

https://buffalonews.com/news/local/business/downtown-buffalo-office-market-struggles-to-gain-its-footing/article_52b98736-caa3-11ee-a8ca-0b3d33bdc9ad.html