2023 Office Space Rent & Sales
- $19.46 2023 Avg. Asking Rent
- 16.19% 2023 Office Vacancy Rate
Albany office price per square foot in 2023 was $19.46 on average. The local office market recorded an average vacancy rate of 16.19% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Albany Class A & A+ Office Space$23.15
- Albany Class B Office Space$16.69
- New York Class A & A+ Office Space$64.56
- New York Class B Office Space$36.62
- New York Class C Office Space$45.97
Albany, NY Office Asking Rents by Class
2023 Office Vacancy Rates in Albany
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Albany - I-90 East | $22.77 | 19.43% |
| Albany - Downtown | $21.68 | 15.57% |
| Albany - Guilderland | $21.50 | 6.62% |
| Albany - North | $19.34 | 1.24% |
| Albany - Colonie | $18.49 | 5.44% |
| Albany - I-90 West | $16.13 | 60.55% |
| Albany - I-87 Northway | $16.00 | 13.89% |
| Albany - Central | $9.21 | 13.04% |
Office Spaces for Rent in New York
Coworking Spaces in New York
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2023 Office Construction in Albany, NY
| Office building | Address | SF | Completed |
|---|---|---|---|
| 555 Patroon Creek Blvd | 555 Patroon Creek Blvd, 12206 | 52,500 | 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 |
| 677 Broadway | 677 Broadway, 12207 | 180,000 | 2004 |
| 26 Corporate Circle | 26 Corporate Circle, 12203 | 53,940 | 2004 |
| The Hauf Building | 175 Central Avenue, 12206 | 53,676 | 2001 |
| Washington Center Medical Arts - 1365 Washington Avenue | 1365 Washington Avenue, 12206 | 80,736 | 1998 |
| 10B MADISON AV EXT | 10B MADISON AV EXT, 12203 | 22,825 | 1998 |
| 210 Washington Avenue Ext | 210 Washington Avenue Ext, 12203 | 20,000 | 1998 |
Worth noting among recent office completions on the Albany market is 555 Patroon Creek Blvd, which is currently the largest new office development in the city, at 52,500 square feet.
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.