The Syracuse NY Commercial Real Estate Market as a whole is strong compared to other regions and states. Factors within our local economy have led to growth and stability in many sectors.
Retail: The small box retail and restaurant sector is remaining strong and is resurging from the COVID shut downs. Leasing activity has been reported as more abundant with local restaurants and proprietors taking up space. The big box national retailer in the strip mall category is strong, unlike the enclosed mall space making a decline as expected.
Office: The local downtown office market is seeing plenty of resurgence and development. Compared to other regional markets our office market is seeing lower than average vacancy rates. While our suburban office market is seeing high vacancy rates since the COVID era work from home boom. Company's are downsizing to trendy downtown class A space.
Industrial: The industrial market is seeing historically low vacancy rates between 4-5%. This Is due to the ecommerce and local economic boom. Most of the vacancy is large bay product 50,000+ sq ft while the small bay sub 20,000 sq ft category has little to no vacancy. Small tenants have a very tough time finding industrial space at the moment. This will remain as the Micron factory continues to announce progress.
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