By Paul Post
“Saratoga is a uniquely vibrant county in upstate New York There’s just no other way to look at it.”
That, in a few words, sums up the continued strong demand for Saratoga County office space as firms large and small are attracted to the area’s healthy business climate and attractive quality of life that helps bring top-level talent to the region.
“We just released our first half report,” said Associated Broker Tom Savino, of CBRE Upstate. “Firms want to have a presence in downtown Saratoga because they can use it as a recruiting tool for people from outside the area. In Clifton Park we’re back to pre-COVID levels in terms of activity. There was a fair amount of empty space, some of which was left behind by healthcare consolidation. Then a large building was donated to the school district, which took that off the market. “Tenants coming back had to go somewhere, so space that had been empty for a while is now beginning to fill up,” he said. “It’s across the board. I’ve dealt with attorneys, engineering firms, a variety of things. There’s no specific industry that gobbles up the space.”
Demand is strong from both existing firms seeking to expand and small start-ups in search of a place to launch and grow their business.
“It’s a combination of both,” Savino said.
CBRE is the largest commercial brokerage firm in the country.
In 1998 Robert Cohn Associates, the largest commercial brokerage firm in the Capital District market at the time, became a partner office of CBRE.
Ownership remained local.
In April 2023 CBRE-Albany combined with the CBRE offices in Buffalo, Rochester and Syracuse to become one entity, CBRE Upstate. It handles sales and leasing for all types of commercial real estate from industrial to multi-family.
The new report says Saratoga Springs has the lowest office space vacancy of any city in the Greater Capital Region including Glens Falls, Albany, Schenectady and Troy. And it by far continues to demand the highest lease rate, about $27 per square foot, despite a nearly $2-per-square foot decline from the first half of 2023.