A report in this week's Business First looks at the commercial market in WNY. While most numbers are improving, the amount of vacant commercial office space is growing. One Seneca Tower is 95 percent vacant. Two anchor tenants moved out last year and now foreclosure actions against the tower are underway. A report by CBRE shows that this region has a 13.7% office vacancy rate, up three percent from a year ago. But Buffalo is still doing better than the national average, which is 15.1%. If One Seneca Tower is partially renovated into non-office space, the report says it could have a positive impact on office occupancy rates.
Other trends in WNY show that the vacancy rate for industrial space in WNY is only 5.7%, down from 9% a year ago.
For retail space, the vacancy rate is about 11.6%, down from 13% a year ago.
The report says more national chains are expanding like Trader Joe's, Popeyes and Sonic. Cabela's will open later this year and that could continue to help that sector.
You can read more in this week's Business First.