CBRE-Albany reports decline in office vacancy rate in Albany, New York, area – Albany Business Review

From the Business Review:

Building owners are generally having more success filling office space, and their tenants are paying slightly more per square foot, according to a survey by CBRE-Albany.

The average office vacancy rate in the five-county region surrounding Albany, New York, was 12.7 percent in the first half of this year, compared to 13.5 percent in the second half of 2014, according to the CBRE-Albany, the largest commercial real estate broker in the area.

Asking lease rates varied from $16.77 per square foot in downtown Albany to $18.16 for Class A suburban space. The overall average for the region is $16.50, a 31 cent increase over the second half of 2014.

Read the rest here: CBRE-Albany reports decline in office vacancy rate in Albany, New York, area – Albany Business Review.

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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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