The Rochester office market ended the third quarter with a slight decrease in an availability rate as rental rates trended higher, according to the latest Savills Studley snapshot of the region.
The commercial real estate services firm, which specializes in representing tenants and conducts extensive research into the market, put the availability rate at 13.8 percent.
That was down from the previous quarter’s rate of 14.0 percent but was an increase from the rate one year ago (13.5 percent).
Class A properties reported an availability rate of 20.2 percent for the quarter, down from the previous quarter (22.3 percent), but unchanged from 12 months ago.
Leasing activity for the quarter, at 0.02 million square feet, was down from the previous quarter (0.13 msf) and down relative to leasing activity for the same period last year (0.21 msf).
Overall rental rates for the Rochester office market ended the quarter averaging $13.87 per square foot, an increase over the previous quarter’s rate of $13.59 per square foot and over last year’s rate of $13.45 per square foot.
Average class A rents posted an increase from the previous quarter’s rate of $16.31 per square foot, ending the quarter at $16.61 per square foot. Class A rents for the submarket posted a decrease relative to the same time last year ($17.75 per square foot).
Rochester has almost 6.7 million square feet of Class A office space and more than 25 million square feet of Class B and C office space, according to Savills Studley.
The report listed several notable transactions:
- Inland Transportation Services, 60,000 square feet at 4 Marway Circle in the Southwest submarket.
- CGI Communications Inc., 31,173 square feet at 150 E. Main Street in the Central Business District.
- Save-a-Lot, 16,844 square feet at 64-72 West Ave. in Outlying Ontario.
- Complemar Partners, 12,000 square feet at 500 Lee Road in the Greater Rochester submarket.
- Dollar Tree, 9,180 square feet at 316-326 West Ave. in Orleans County.