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The commercial real estate landscape has changed profoundly since 2020, leaving many downtown districts struggling with rising office vacancies and shifting market demands.

Since pre-Covid, there’s a 64% increase in Class A office space vacancy in Buffalo’s Central Business District.

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.