A real estate observer asked me to comment on valuations in the vicinity of the Buffalo Niagara Medical Campus.  I will share those comments here on my web page.

I am marketing  the building at 1195 Main (“Belmont Housing Resources for WNY”), put 899 Main (former Lifetime Health’s “Moser Center”) under contract, and also put 110 Broadway (“UNYTS”) under contract.  Also, I sold three apartment buildings near the medical campus, a law firm’s building on Linwood, and completed leases for medical space on Delaware Avenue and Summer Street.

Go to the map of the Buffalo Niagara Medical Campus, you will find it online.  Values within that rectangle are soaring.  High demand plus low availability equals very high prices for buildings and for land.  Examples:  847 Main (sold), 899 Main (under contract), and the sale of 25 High St. a few years ago, are but a few examples.

What is the impact on values outside that rectangle?  Immediately adjacent, within a few blocks, values continue to be very strong.  Examples:  sale of EPIC on the west side of Main across from the Medical Campus, sale of apartment buildings on west side of Main (Virginia, St. Louis), sale of 1100 Main, and also the sale of 810 Main.    “Hyatt’s” (910 Main) and 1195 Main (Belmont) both fall into that group.  1195 Main is a compelling offering because it is more recently constructed and includes on-site surface parking lot, like a suburban office building.  It is drawing a lot of interest.

Another interesting example just outside the medical campus is the sale of 33 Bryant.  I sold that building, an old 34,000 sf warehouse, for $200,000 16 years ago.  My colleague sold it again in 2016 for $875,000 for adaptive reuse as apartments.