Albany Office Market Trends

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)
In 2019, the average asking rent for office space in Albany was $18.73 per square foot, and the office vacancy rate across the market averaged 14.01 %. During 2019, developers added 53,910 square feet of new office space to the Albany market inventory. Office developments estimated for delivery during 2020 total 0 square feet.

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 %
Data provided by Commercial Edge
  • 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
10 Largest Office Buildings in Albany
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
Largest Office Properties Recently Completed in Albany
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
Data provided by Commercial Edge

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
Data provided by Commercial Edge

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.