Albany Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $19.96 2020 Avg. Asking Rent
  • 13.66% 2020 Office Vacancy Rate
  • $10.3M2020 Total Office Sales
  • $43.34Avg. Sale Price/SF

Albany office price per square foot in 2020 was $19.96 on average. The local office market recorded an average vacancy rate of 13.66% across all asset classes combined. The 3 transactions that closed here throughout 2020 amounted to a total sale volume of $10.3M. Albany office space commanded an average sale price per square foot of $43.34.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • Albany Class A Office Space$25.39
  • Albany Class B Office Space$19.70
  • Albany Class C Office Space$12.00
  • New York Class A Office Space$68.40
  • New York Class B Office Space$34.41
  • New York Class C Office Space$25.31

Albany, NY Office Asking Rents by Class

Average office rent in Albany rested at $19.96 per square foot in 2020. 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 $25.39 per square foot. Across all submarkets, class B office space recorded an average asking rent of $19.70 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $12.00 per square foot, on average. Comparably, statewide New York average office rents by class in 2020 were: $68.40 per square foot for class A office space; $34.41 per square foot for class B office space; $25.31 per square foot for class C office space.

2020 Office Vacancy Rates in Albany

Submarket Asking Rents Vacancy Rates
Albany - Downtown $22.96 16.10%
Albany - I-90 West $17.35 16.29%
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 13.66% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Albany was 16.10% in the Albany - Downtown submarket, while the highest office vacancy in the market was 16.29%, recorded in Albany - I-90 West.

Office Spaces for Rent in New York

Albany Office Sale Price per SF

  • $43.342020 Avg. Price per SF
  • $10.3M2020 Office Sales Volume
  • 32020 Number of Transactions

Albany, NY Sale Price per SF Trend

  • Albany Avg. Sale Price per SF in 2020$43.34
  • New York Avg. Sale Price per SF in 2020$467.28
The sale price for office space in Albany averaged $43.34 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $467.28 per square foot.

2020 Office Sales Volume

  • Albany, NY Total Office Sales Volume in 2020 $10.3M
  • Albany, NY Total Number of Office Sales Closed in 2020 3
A total of 3 deals closed on the Albany office market in 2020, adding up to a yearly sales volume of $10.3M. Notably, the largest transaction on the market saw Bank of America Building change hands for $6,400,000 on 1/22/2020.

Largest Albany Office Sales in 2020

Property name Address Date Price
Bank of America Building 69 State Street 1/22/2020 $6,400,000
220 Washington Avenue 220 Washington Avenue Ext 3/26/2020 $2,700,000
Westgate Building 10 North Russell Road 1/10/2020 $1,230,000
Data provided by Commercial Edge

2020 Office Construction in Albany, NY

  • Albany, NY Total SF completed in 2020

During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Albany office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.

Largest Office Properties Recently Completed in Albany
Office building Address SF Completed
201 Fuller Road 201 Fuller Rd, 12203 356,000 2015
Albany, NY - Pinebush Medical Campus 176-178 Washington Avenue Extension, 12203 36,427 2012
555 Patroon Creek Blvd 555 Patroon Creek Blvd, 12206 52,500 2008
400 Patroon Creek Boulevard 400 Patroon Creek Boulevard, 12206 180,000 2006
677 Broadway 677 Broadway, 12207 180,000 2004
The Hauf Building 175 Central Avenue, 12206 53,676 2001
1375 Washington Ave 1375 Washington Ave, 12206 55,000 2000
50 Beaver Street 50 Beaver Street, 12207 50,125 2000
1365 Washington Avenue 1365 Washington Avenue, 12206 80,676 1998
10B MADISON AV EXT 10B MADISON AV EXT, 12203 22,825 1998

Worth noting among recent office completions on the Albany market is 201 Fuller Road, which is currently the largest new office development in the city, at 356,000 square feet.

Data provided by Commercial Edge

See reports for nearby markets

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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.