Office Rental Market
- $18.73 2019 Avg. Asking Rent
- 14.01 % 2019 Avg. Vacancy Rate
- 53,910 2019 Office Completions (Sqft)
- 0 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Albany Class A Office Buildings$25.35
- Albany Class B Office Buildings$18.46
- Albany Class C Office Buildings$12.00
- NY Class A Office Buildings$71.98
- NY Class B Office Buildings$36.81
- NY Class C Office Buildings$24.83
Albany, NY Office Asking Rents by Class
Office asking rents vary across the Albany office market depending on several factors, one of which is property class. While rents for Class A office buildings in Albany averaged $25.35 per square foot in 2019, Class B office properties garnered average rental rates of $18.46 per square foot. Rental rates for Class C office property in Albany averaged $12.00 per square foot. On a statewide level, Class B office space rents averaged $36.81 per square foot, while rents for Class A office space across New York averaged $71.98 per square foot. On average, Class C office properties in New York commanded rents of $24.83 per square foot.
2019 OFFICE VACANCY RATES
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Albany - Downtown | $20.41 | 16.60 % |
Albany - I-90 West | $17.30 | 16.01 % |
- The lowest office vacancy rate in 2019 in Albany was 16.01 % in the Albany - I-90 West submarket, where asking rents averaged $17.30.
- The highest office vacancy rate in 2019 in Albany was 16.60 % in the Albany - Downtown submarket, where asking rents averaged $20.41.
OFFICE CONSTRUCTION IN Albany, NY
- Albany, NY Total Sqft completed in 2019 53,910
- Albany, NY Total Sqft under construction in 2020 0
Building name | Address | Total Sqft | Year built |
---|---|---|---|
One Commerce Plaza | 99 Washington Avenue, 12210 | 746,052 | 1971 |
Omni Plaza | 30 South Pearl Street, 12207 | 213,530 | 1986 |
1125 Broadway | 1125 Broadway, 12204 | 207,396 | 1930 |
State Towers | 90 State Street, 12207 | 207,000 | 1930 |
1275 Broadway | 1275 Broadway, 12204 | 200,000 | 1946 |
41 State Street | 41 State Street, 12207 | 198,145 | 1968 |
80 State Street | 80 State Street, 12207 | 188,262 | 1984 |
677 Broadway | 677 Broadway, 12207 | 180,000 | 2004 |
Capital District Physicians' Health Plan | 500 Patroon Creek Blvd, 12206 | 180,000 | 2001 |
515 Broadway | 515 Broadway, 12207 | 177,030 | 1997 |
Office building | Address | Sqft | Completed |
---|---|---|---|
Albany Medical Center - 391 Myrtle Avenue | 391 Myrtle Avenue, 12208 | 135,000 | 2016 |
455 Patroon Creek Blvd | 455 Patroon Creek Blvd, 12206 | 42,000 | 2012 |
Pinebush Medical Campus | 176 Washington Avenue Ext, 12203 | 38,512 | 2012 |
Albany Medical Center - Surgeons Pavilion | 50 New Scotland Avenue, 12208 | 67,000 | 2011 |
Albany Medical Center | 16 New Scotland Avenue, 12208 | 53,300 | 2009 |
Albany Medical Center - Administrative Office Building | 22 New Scotland Avenue, 12208 | 77,000 | 2008 |
First Niagara Regional Headquarters | 555 Patroon Creek Blvd, 12206 | 35,000 | 2008 |
300 Washington Avenue Ext | 300 Washington Avenue Ext, 12203 | 54,230 | 2007 |
Patroon Creek Medical Arts | 400 Patroon Creek Blvd, 12206 | 161,000 | 2006 |
677 Broadway | 677 Broadway, 12207 | 180,000 | 2004 |
Office Spaces for Rent in New York
ALBANY OFFICE SALES TRENDS
- $101.972019 Avg. Price per Sqft
- 14.41 %Y-o-Y Avg. PpSF Change
- $17.9M2019 Office Sales Volume
- 32019 Number of Transactions
In 2019, office sales in Albany averaged $101.97 per square foot. This marked a 14.41 % increase in office price per square foot, compared to the previous year. A total of 3 office sales closed on the Albany office market in 2019, amounting to a total sales volume of $17.9M.
Average Office Sale Price per Sqft
Albany, NY Sales Trends
- Albany Price per Sqft$101.97
- New York Price per Sqft$554.66
Office Sales - Trend and Volume
- Albany, NY Total Office Sales Volume in 2019 $17.9M
- Albany, NY Total Number of Office Sales Closed in 2019 3
Largest Albany Office Sales in 2019
Property name | Address | Date | Price |
---|---|---|---|
Albany Medical Center - Administrative Office Building | 22 New Scotland Avenue | 2/26/2019 | $12,900,000 |
1 Wall Street | 1 Wall Street | 7/16/2019 | $3,044,500 |
5 Washington Square | 5 Washington Square | 12/6/2019 | $1,950,000 |
See trends for nearby markets
The Albany office market contains an inventory of 13,538,940 square feet of office space, in 192 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.