Rising vacancies, big opportunities: The future of development & construction in WNY
The Partnership
January 29, 2025
Blog Categories
The commercial real estate landscape has changed profoundly since 2020, leaving many downtown districts struggling with rising office vacancies and shifting market demands.
On January 16, the Buffalo Niagara Partnership hosted the first Industry Leaders Forum (ILF) of 2025, convening top executives and decision-makers in the Development & Construction sector to address the theme of sustainability and survival in Western New York’s built environment.
This session marked the start of the ILF’s yearlong focus on sustainability—a concept that extends beyond environmental initiatives to include economic, financial, and industry developments. As the foundation of Buffalo Niagara’s economy, the Development & Construction sector plays a critical role in shaping the region’s future, making this discussion essential for long-term growth.
The challenge: Reengaging & reimagining downtown spaces
Real estate market shifts have created new risks for investment at a time when Western New York needs it most. To navigate these challenges, panelists and attendees explored two key questions:
How can regional developers and employers collaborate on strategies to reengage and reimagine downtown commercial spaces?
How can we physically repurpose commercial and residential properties to be more sustainable and future-ready?
Expert insights from industry leaders
A distinguished panel of Buffalo Niagara real estate and construction leaders shared their perspectives on these pressing issues:
- Shana Stegner, Managing Director, CBRE Upstate NY
- Michael DeLuca, Principal, CannonDesign
- Brandye Merriweather, President, Buffalo Urban Development Corporation
- Joseph Benedict, Executive Director, The Construction Exchange of Buffalo & WNY
Their discussion emphasized the need for bold, collaborative strategies to adapt to evolving market conditions, invest in revitalization efforts, and embrace innovation in design, construction, and urban planning.
Why it matters
Buffalo Niagara has made significant economic progress over the past decade, but to sustain this momentum requires proactive investment and a reconsideration of traditional development models. The ILF offers a unique platform for leaders to collaborate, share best practices, and develop strategies that will shape the future of the region’s economy.
As the ILF series continues, the BNP will host additional forums for industries such as manufacturing, transportation, healthcare, small business, and more, each addressing sector-specific sustainability challenges and opportunities.
Stay tuned for insights from upcoming ILF sessions. Want to be part of the conversation? Learn more about BNP’s Industry Leaders Forum here.
Related Posts
Keeping Buffalo moving: Strategies for transportation policy shifts
On Mar. 20, the Buffalo Niagara Partnership convened transportation and logistics leaders for the 2025 Transportation Industry Leaders Forum (ILF) to discuss how the sector can navigate new sustainability demands, policy shifts, and infrastructure needs to keep the region—and its economy—moving forward across roadways, borders, and communities.
Powering progress: The future of energy & telecommunications in WNY
The 2025 Energy & Telecommunications Industry Leaders Forum (ILF), hosted by the Buffalo Niagara Partnership on Feb. 27, convened experts and executives across the energy spectrum to discuss how sustainability, technology, and collaboration are reshaping the industry.
Choosing innovation that will last: The BNP Tech Industry Leaders Forum
On Feb. 13, the Buffalo Niagara Partnership convened top tech leaders for the 2025 Tech Industry Leaders Forum (ILF) to explore sustainability in technology—examining environmental, social, and technological sustainability strategies that are shaping the future of the industry and the economy.
Tourism is booming: How can we help it stay that way?
On January 30, the Buffalo Niagara Partnership convened top industry leaders at the Hospitality & Tourism Industry Leaders Forum (ILF) to discuss the future of travel and sustainability in our region.