Troy Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $22.24 2024 Avg. Asking Rent
  • 16.55% 2024 Office Vacancy Rate

Troy office price per square foot in 2024 was $22.24 on average. The local office market recorded an average vacancy rate of 16.55% 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

2024 Average Office Rent per Square Foot

  • New York Class A & A+ Office Space$59.04
  • New York Class B Office Space$43.55
  • New York Class C Office Space$35.67

Troy, NY Office Asking Rents by Class

2024 Office Vacancy Rates in Troy

Submarket Asking Rents Vacancy Rates
Latham $21.16 16.35%
Troy $19.30 12.71%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Troy market was 16.55% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Troy was 12.71% in the Troy submarket, while the highest office vacancy in the market was 16.35%, recorded in Latham.

Office Spaces for Rent in New York

Coworking Spaces in New York

2024 Office Construction in Troy, NY

Largest Office Properties Recently Completed in Troy
Office building Address SF Completed
Hoosick Medical & Professional Building 258 Hoosick Street, 12180 60,000 2011
433 River Street 433 River Street, 12180 272,000 1992
500 Federal Street 500 Federal Street, 12180 63,212 1987
500 Federal Street 500 Federal Street, 12180 56,873 1987
The Atrium 49 Fourth St, 12180 73,000 1970
2 3rd Streeet - Office 2 3rd St, 12180 114,198 1920
291, 293, 295, 297 River Street 291-295 River St, 12180 18,842 1912
The Frear Building 1 Fulton Street, 12180 114,198 1904
The Frear 2 3rd St, 12180 90,000 1900
251 River Street 251 River Street, 12180 29,760 1900

Worth noting among recent office completions on the Troy market is Hoosick Medical & Professional Building, which is currently the largest new office development in the city, at 60,000 square feet.

Data provided by Commercial Edge

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Troy 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.