Albany Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $18.77 2024 Avg. Asking Rent
  • -0.97% Y-o-Y Avg. Asking Rent Change
  • 13.78% 2024 Office Vacancy Rate
  • $25.6M2024 Total Office Sales
  • $41.28Avg. Sale Price/SF

Albany office price per square foot in 2024 was $18.77 on average. This marked a -0.97% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.78% across all asset classes combined. The 9 transactions that closed here throughout 2024 amounted to a total sale volume of $25.6M. Albany office space commanded an average sale price per square foot of $41.28.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Albany Class A & A+ Office Space$22.29
  • Albany Class B Office Space$18.00
  • Albany Class C Office Space$14.62
  • New York Class A & A+ Office Space$59.04
  • New York Class B Office Space$43.55
  • New York Class C Office Space$35.67

Albany, NY Office Asking Rents by Class

Average office rent in Albany rested at $18.77 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Albany averaged $22.29 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.00 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.62 per square foot, on average. Comparably, statewide New York average office rents by class in 2024 were: $59.04 per square foot for class A office space; $43.55 per square foot for class B office space; $35.67 per square foot for class C office space.

2024 Office Vacancy Rates in Albany

Submarket Asking Rents Vacancy Rates
Albany - Guilderland $24.61 2.36%
Albany - Downtown $21.19 18.55%
Albany - I-87 Northway $19.62 15.53%
Albany - Colonie $19.26 9.54%
Albany - I-90 East $18.04 11.67%
Albany - North $16.50 2.28%
Albany - I-90 West $16.11 36.56%
Albany - Central $15.71 16.68%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Albany market was 13.78% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Albany was 2.28% in the Albany - North submarket, while the highest office vacancy in the market was 36.56%, recorded in Albany - I-90 West.

Office Spaces for Rent in New York

Albany Office Sale Price per SF

  • $41.282024 Avg. Price per SF
  • -35.01%Y-o-Y Avg. PpSF Change
  • $25.6M2024 Office Sales Volume
  • 92024 Number of Transactions

Albany, NY Sale Price per SF Trend

  • Albany Avg. Sale Price per SF in 2024$41.28
  • New York Avg. Sale Price per SF in 2024$291.24
Albany office space cost in 2024 marked a -35.01% change compared to the previous year. The sale price for office space in Albany averaged $41.28 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $291.24 per square foot.

2024 Office Sales Volume

  • Albany, NY Total Office Sales Volume in 2024 $25.6M
  • Albany, NY Total Number of Office Sales Closed in 2024 9
A total of 9 deals closed on the Albany office market in 2024, adding up to a yearly sales volume of $25.6M. Notably, the largest transaction on the market saw 337 New Karner Road change hands for $6,400,000 on 9/13/2024.
Data provided by Commercial Edge

Coworking Spaces in New York

2024 Office Construction in Albany, NY

  • Albany, NY Total SF under construction in 2025 50,000
Largest Office Properties Recently Completed in Albany
Office building Address SF Completed
455 Patroon Creek Blvd 455 Patroon Creek Blvd, 12206 42,000 2012
Pinebush Medical Campus 176 Washington Avenue Ext, 12203 38,512 2012
555 Patroon Creek Blvd 555 Patroon Creek Blvd, 12206 52,500 2008
First Niagara Regional Headquarters 555 Patroon Creek Blvd, 12206 35,000 2008
Patroon Creek Medical Arts 400 Patroon Creek Blvd, 12206 161,000 2006
677 Broadway 677 Broadway, 12207 180,000 2004
677 Broadway 677 Broadway, 12207 180,000 2004
26 Corporate Circle 26 Corporate Circle, 12203 53,940 2004
The Hauf Building 175 Central Avenue, 12206 53,676 2001
50 Beaver Street 50 Beaver Street, 12207 50,125 2000

Worth noting among recent office completions on the Albany market is 455 Patroon Creek Blvd, which is currently the largest new office development in the city, at 42,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Albany commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.