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%|
Albany Office Sale Price per SF
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
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
Largest Albany Office Sales in 2020
|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|
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.
|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.
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.