Albany Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Albany is $21.73 per square foot, 15.81% higher compared to the previous year.
  • The average sale price for office space in Albany is $54.30 per square foot, marking an increase of 31.55% compared to 2024.
  • The market’s vacancy rate stands at 15.00%, lower than the state average of New York, which is 18.11%.
  • Renting Class A/A+ office space here costs $25.16 per square foot, while Class B averages $20.58 and Class C stands at $14.40.
  • 50,000 square feet is currently under construction.

2025 Office Space Rent & Sales

  • $21.73 2025 Avg. Asking Rent
  • 15.81% Y-o-Y Avg. Asking Rent Change
  • 15.00% 2025 Office Vacancy Rate
  • $13.2M2025 Total Office Sales
  • $54.30Avg. Sale Price/SF

What is the average asking rent price for office space in Albany?

Average asking rents for office space here stand at $21.73 per square foot. The local office market recorded an average vacancy rate of 15.00% in 2025, unchanged from 15.00% in 2024.

Office transactions in the local market in 2025 totaled a sales volume of $13.2M across 5 sales. These transactions commanded an average sale price per square foot of $54.30.

Albany, NY Office Asking Rents by Class

What is the average office rent per square foot by property class in Albany?

  • Avg. Asking Rent Class A & A+$25.16
  • Avg. Asking Rent Class B$20.58
  • Avg. Asking Rent Class C$14.40

The average asking rent for Class A and A+ office space stood at $25.16 per square foot, indicating the best — and most expensive — that the market has to offer.
Class B space in Albany averaged $20.58 per square foot, while the average for Class C space was $14.40 per square foot.

What is the average office rent per square foot by property class in NY?

  • Avg. Asking Rent Class A & A+$55.44
  • Avg. Asking Rent Class B$43.40
  • Avg. Asking Rent Class C$32.95

For comparison, the average rent for Class A and A+ office space in New York was $55.44 per square foot. The state-wide average for Class B space was $43.40 per square foot, and Class C office spaces averaged $32.95 per square foot.

Albany, NY Office Indicators by Submarket

In 2025, the submarket with the lowest office vacancy rate in Albany was Albany - Guilderland at 3.61%. Meanwhile, the highest office vacancy rate in the market was 28.52%, recorded in Albany - Colonie.
Submarket Asking Rents Vacancy Rates
Albany - Guilderland $24.61 3.61%
Albany - Downtown $23.36 15.06%
Albany - I-90 West $21.51 22.60%
Albany - I-90 East $20.46 12.02%
Albany - Colonie $19.21 28.52%
Albany - I-87 Northway $18.09 3.70%
Albany - Central $15.86 12.23%
Data provided by Yardi Research

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2025 Office Sales Volume

  • $54.302025 Avg. Price per SF
  • 31.55%Y-o-Y Avg. PpSF Change
  • $13.2M2025 Office Sales Volume
  • 52025 Number of Transactions

What is the average sale price per square foot for office space in Albany?

Average sale prices for office space in this market recorded a +31.55% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $54.30 per square foot. For comparison, the statewide New York average during the same time period stood at $395.22 per square foot, while the national average was $182.48 per square foot.

Albany, NY Sale Price per SF Trend

  • Albany Avg. Sale Price per SF in 2025$54.30
  • New York Avg. Sale Price per SF in 2025$395.22

What was the total office sales volume in Albany in 2025?

The local office market recorded 5 deals in 2025, adding up to a yearly sales volume of $13.2M.

  • Albany, NY Total Office Sales Volume in 2025 $13.2M
  • Albany, NY Total Number of Office Sales Closed in 2025 5
Data provided by Yardi Research

Office Construction in Albany, NY

  • Albany, NY Total SF under construction in 2026 50,000

What are the largest recent office completions in Albany?

The largest recent office completion here is 677 Broadway at 180,000 square feet, completed in 2004. The next largest completions are 677 Broadway and Patroon Creek Medical Arts.

Office building Address SF Completed
455 Patroon Creek Blvd 455 Patroon Creek Blvd, 12206 42,000 2012
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
The Hauf Building 175 Central Avenue, 12206 53,676 2001
50 Beaver Street 50 Beaver Street, 12207 50,125 2000
725 Broadway 725 Broadway, 12207 87,616 1999
1365 Washington Avenue 1365 Washington Avenue, 12206 80,736 1998
210 Washington Avenue Ext 210 Washington Avenue Ext, 12203 20,000 1998
Data provided by Yardi Research

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Disclaimer

All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.

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 Yardi Research Data can guarantee that the information provided is complete.