CBRE-Albany: Forecast

NY - Albany: Empire State Plaza

NY – Albany: Empire State Plaza (Photo credit: wallyg)

CBRE-Albany, the largest commercial real estate brokerage in the Capital Region, held its annual Marketview event last night at Wolfert’s Roost Country Club in Menands. CBRE holds the event each year to release its market research for the last quarter and year, and to make some predictions for the coming year. The Business Review covered the event and posted their story here. The highlights from the Business Review article:

Demand for industrial and warehouse space is up.

Retail vacancies are down.

Office space remains soft.

The surprises were the amount of successful speculation over the last year and the magnitude of the trend toward redeveloping functionally obsolescent property.

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About Gary Snowdon, ASA

Commercial Real Estate Appraiser in New York State's Hudson Valley, Capital, Saratoga, and Adirondack Regions.
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