Commercial Real Estate Market in Albany, NY
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
867 active listings and 4,623 off-market properties in Albany, NY. Commercial property asks $127/SF to buy and $14.25/SF/Yr to lease.
Market Trends
Albany, NY spans 51.9 square miles in Albany County, New York. Figures below refresh monthly; last updated 31 August 2026.
Office
Office space in Albany, NY asks $13.58/SF/Yr to lease and $149/SF to buy. Vacancy runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Retail
Retail space in Albany, NY asks $128/SF to buy. Vacancy runs 5.8% in 2025, little changed from 5.4% in 2020. Nearly 1.2x the 2023 low of 4.7%.
Average Sale Price $/SF
Listings
Vacancy Rate %
Industrial
Industrial vacancy in Albany, NY runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily space in Albany, NY asks $121/SF to buy. Vacancy runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 34.5%
- Mixed use 30.8%
- Open space 25.9%
- Industrial 8.9%
Largest Zones share of zoned land by district
Land Conservation
Mixed Use Campus And Institutional
Single Unit Medium Density Residential
Single Unit Low Density Residential
Two Unit Residential
Land Conservation (LC)
LC Land Conservation. (a) Concept. (b) Purpose. The purpose of the LC District is to provide for and protect publicly-owned parks, open spaces, natural areas, wildlife refuges, and other green spaces throughout the City.
Market overview
Demographics & Economy
Albany, NY has 155,680 residents in 74,222 households. Density runs 2,999 people per square mile. Median household income here is $75,986 and median gross rent $1,419 a month.
155,680
Population
74,222
Households
2.1
Avg Household Size
36
Median Age
45%
College-Educated
92%
High-School Grad
51.9 sq mi
ZIP Area
2,999
Density / Sq Mi
$75,986
Median Household Income
$41,945
Median Earnings
$1,419
Median Rent
$243,593
Median Home Value
Tools
Lease vs Buy Breakeven
At $14.25/SF/Yr lease vs $127/SF buy → buying wins if held > 1.1 years.
The comparison uses county-wide sale comps against Albany asking rents, so the implied 11.2% gross yield is computed off asking rents rather than a closed-deal cap-rate benchmark. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Bethlehem Center | $127 (county avg) | — |
| Newtonville | $127 (county avg) | $17.73 |
| Watervliet | $127 (county avg) | $7.60 |
| Bethlehem | $127 (county avg) | $14.16 |
Commercial property in Albany, NY asks $127/SF. The 4 bordering markets run from $127/SF in Bethlehem Center to $127/SF in Bethlehem Center, and the city sits in line with their $127/SF median.
Frequently Asked Questions
What is the average price per square foot for commercial property in Albany?
Commercial property in Albany, NY asks an average of $127 per square foot. The 3 most recent recorded sales traded at a median of $245/SF. Office carries the highest asking price at $149/SF.
How much does it cost to lease commercial space in Albany?
Asking lease rates in Albany, NY average $14.25 per square foot per year. Office asks $13.58/SF/Yr as of Q1 26, down from $14.49/SF/Yr in Q4 25.
Is it cheaper to lease or buy commercial space in Albany?
Buying beats leasing in Albany, NY if the property is held longer than 1.1 years, comparing $14.25/SF/Yr asking rent with $127/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
How does Albany compare to nearby markets on price?
Albany, NY asks $127/SF against $127/SF in Bethlehem Center, $127/SF in Newtonville, $127/SF in Watervliet and $127/SF in Bethlehem.
Where does Realmo's Albany market data come from?
Realmo compiles Albany, NY figures from 3 recent recorded sales, 533 active sale listings, 334 active lease listings, 4,623 tracked off-market properties, the current Albany zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 533 active for-sale and 334 active for-lease listings in Albany, NY. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Price per square foot
- The county-level $/SF blends closed sales aggregated over the trailing months of available data, not a single day's snapshot — it can differ from any one month's own median.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 14,064 zoned acres across 19 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- the lease-vs-buy comparison mixes county-wide sale comps with city asking rents, office vacancy is reported at Northeast region level, industrial vacancy is reported at Northeast region level and multifamily vacancy is reported at Northeast region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
