It shows that the commercial market no longer experience the extreme swings that can happen in residential real estate. Jeffrey Sperry, managing partner of CB Richard Ellis Albany, said that The tech side is going into the public space.

On the other hand, the total vacancy rate in the Albany central business district has moved upward, from 12.9% in the fall report to 13.4% in the spring report, for all categories of space.

Bright spots were also showed like the vacancy rate for Class A space downtown fell from 9.2% to 7.7%, and the rate for Class C space fell, from 36.2% to 32.3%.

As the total vacancy rate increased in the city's downtown, leasing rates remained stable or inched higher. Last fall, rates were $11.25 to $24 per square foot for all categories of space. The spring report shows prices of $9 to $25 per square foot for Class A, B and C offices.

CB Richard Ellis Albany cites the consolidation of state agency offices as the reason for the greater availability of space. Tom Roohan, owner of Roohan Realty in Saratoga Springs, said that it is still a very healthy market.

The vacancy rate for Class A space in the suburbs was just 4.9%, compared to 5.3% last fall. The total vacancy rate in the suburbs also improved, from 11.9% to 9.8%. Leasing rates remained steady, at $11 to $21 per square foot.
 
By M. Sese
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