BINGHAMTON OFFICE FIVE FAST FACTS Q2 2023
Read our Five Fast Facts for more insight into the key trends that impacted the Binghamton MSA office market during the second quarter.
- Unemployment Below U.S. Average: Despite inflationary pressures, employment trends remained strong locally as Binghamton’s unemployment rate was 3.0% in Q2, well below the national average of 3.6%.
- Office Market Begins Slow Recovery: Four new office leases and two office buildings were sold in Q2. The vacancy rate improved to 6.7%.
- IBM Ends Last Remaining Lease in the Market: Major office downsizing will be felt in the fourth quarter with the already announced closure of the 90,000 sf IBM offices at the company’s birthplace in Endicott, bringing to an end a major high-tech presence in the market for almost one hundred years.
- Multi-Family Sector Continues To Grow: Development in the multi-family sector continues to grow across all rental categories from affordable housing to luxury apartments, with at least six new projects in the pipeline.
- National Trends Impact Local Market: The first trend to noticeably impact the relatively small Binghamton office market is the revival of the office-to-residential conversion juggernaut that spurred economic development in the Central Business District (CBD) beginning over a decade ago.
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