ECONOMIC DEVELOPMENT COMMITTEE
Anthony Fiorito, Chair, Partnership Properties
Bill Anninos, CBRE
Marty McDermott, JF Real Estate
Fran Nichols, Eric Mower & Associates
Jaime Tuozzolo, First Niagara Bank
3RD QUARTER 2012 ECONOMIC DEVELOPMENT REPORT
Summarized below are the 3rd Quarter 2012 Economic Development Survey results for Downtown Syracuse. If
you have any questions, please contact Alexandra Pivovarova at (315) 470-1962 or
apivovarova@downtownsyracuse.com.
PRODUCT SUMMARY
Class A*
Class B
Class C
Armory
Square
Retail
Leased (sf)
2,305,319
2,112,309
290,176
204,122
613,965
Sublet (sf)
19,195
0
0
0
0
Available (sf)
336,319
636,985
102,676
29,900
188,042
Total (sf)
2,660,833
2,749,294
392,852
234,022
802,007
Occupancy
87.36%
76.83%
73.86%
87.22%
76.55%
Vacancy
12.64%
23.17%
26.14%
12.78%
23.45%
Quarter
(0.11%)
0.26%
(1.96%)
(0.72%)
2.95%
Year to
Date
0.66%
2.35%
(0.94%)
(1.68%)
1.32%
Quarter
(22,718)
(7,236)
7,720
1,700
(5,600)
Year to
Date
(24,190)
(64,714)
3,720
2,700
7,585
Change in
Vacancy
Net
Absorption
(sf)
* Class A buildings include 420,878 sf in Franklin Square
SUMMARY BY USE
Class A*
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This group consists of 20 properties representing over 2.6 million sf of office space. (Note: 7,400 sf of Class A office space in
the White Memorial Building, 100 E. Washington St., is planned for conversion into residential space.)
The vacancy rate decreased 0.11% this quarter, from 12.75% at the close of the 2nd Quarter 2012 to 12.64% at the close of the
3rd Quarter 2012.
Buildings with the largest amount of office space available are AXA Towers (145,358 sf) and Clinton Exchange (37,000 sf.)
Rent Range = $15.50 to $22.50 psf; Average rent = $18.45 psf
Class B

This group consists of 41 properties representing over 2.7 million sf of office space.
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The vacancy rate increased 0.26% this quarter, from 22.91% at the close of the 2nd Quarter 2012 to 23.17% at the close of the
3rd Quarter 2012.
Buildings with the largest amount of office space available are the former Sibley’s Building (247,845 sf) and Onondaga Tower
(91,800 sf.)
Tenant activity this quarter includes: Healthcare Collaborative of CNY absorbed 6,537 sf in the State Tower Building, 109 S.
Warren St.; Diana Cunningham absorbed 705 sf in the University Building, 120 E. Washington St.; Jessica Mckee absorbed
645 sf in the University Building, 120 E. Washington St.; Clearpoint Energy absorbed 526 sf in the University Building, 120 E.
Washington St.
Rent Range = $8.50 to $16.50 psf; Average rent = $13.33 psf
Class C
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This group consists of 35 properties representing over 390,000 sf of office space.
The vacancy rate decreased 1.96% this quarter from 28.10% at the close of 2nd Quarter 2012 to 26.14% at the close of 3rd
Quarter 2012.
Buildings with the largest amount of office space available are the 499 Building (24,000 sf) and the Chamber Building (22,700
sf.)
Tenant activity this quarter includes: Dominion New Energy, Inc. vacated 1,100 sf in 342 S. Salina St.; JMS Direct, Inc.
absorbed 1,000 sf in 342 S. Salina St.; Christopher Fong-Duarte absorbed 125 sf in 342 S. Salina St.
Rent Range = $9 to $12 psf; Average rent = $11.17 psf
Class AS (Armory Square)
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This group represents all buildings within the Armory Square district, consisting of 23 occupied properties representing over
234,000 sf.
The vacancy rate decreased 0.72% this quarter from 13.50% at the close of 2nd Quarter 2012 to 12.78% at the close of 3rd
Quarter 2012.
Buildings with the largest amount of office space available are the Millpond Landing Building (8,200 sf) and the Hogan Block
Building (3,000 sf.)
Tenant activity this quarter includes: Bianco & Wright, Esq. vacated 2,000 sf in Hogan Block, 247 W. Fayette St.; 3,700 sf was
absorbed in the Neal & Hyde Building, 320 S. Clinton St.
Rent Range = $6 to $16 psf; Average rent = $12.30 psf
Retail
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Retail space in downtown Syracuse accounts for over 802,000 sf of property.
The vacancy rate increased 2.95% this quarter from 20.50% at the close of 2nd Quarter 2012 to 23.45% at the close of 3rd
Quarter 2012. (Note: this is a result of the Downtown Committee’s exhaustive review of retail space.)
New businesses this quarter include: Om Boys Juice & Smoothie Café (214 Walton St.), Burger ‘Cuse (355 S. Warren St.),
Voltage Video Games (212 E. Jefferson St.), The Downtown Dance Studio (300 W. Genesee St.)
Closed businesses this quarter include: Casa di’Italiano (413 S. Warren St.), Arthur Murray School of Dance (300 W. Genesee
St.), Ma Duke’s Café & Deli (415 E. Washington St.)
For more information on real estate in Syracuse’s Central Business District, please visit:
http://development.downtownsyracuse.com