subject: Commercial Real Estate Market Gaining Momentum [print this page] The slow commercial real estate market brought on by the recession is finally gaining momentum, state commercial realtors in Albany. The number of commercial properties put under contract through the end of September 2012 saw a 26% gain over the same period last year. Contracts are also up nearly 8% compared to 2007, before the recession started in New York. These figures do not include large deals which were not on the multiple listing service.
Most of the properties are located in Albany, Rensselaer, Saratoga and Schenectady Counties, though the Capital Region Multiple Listing Service, which is affiliated with the Commercial and Industrial Real Estate Board (CIREB) includes other counties within the Tech Valley region.
The split between sales and leases barely changed between this year and last. Year to date, sales accounted for 55% of the contracts, versus 57% last year. The number of listings also changed very little, although compared to 2007 there were 1,461 properties listed for sale or lease. That means that the sale and leasing activity has increased compared to 5 years ago, even though many more properties are available today.
Real estate agents in Albany New York have seen sustained momentum in deal-making since the early summer. A combination of factors including a slowly improving economy and businesses in the Capital District growing and needing more space is what the improved market is attributed to. In addition, many people are taking advantage of the low interest rates available to them.
According to the Capital Region Multiple Listing Service the vacancy rate for professional office space was 13.2% in the second quarter 2012, up slightly from the 4th quarter of 2011. Lease rates increased slightly, to $16.92 per square foot on average.
If you have questions regarding commercial real estate in Albany New York, contact one of our commercial agents at the number listed below.
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