Business Services Industry
Smaller Tenants Stabilize Rising Vacancy Rates for Albany, N.Y., Real Estate.
Knight Ridder/Tribune Business News, November, 2003
By Kevin Harlin, Times Union, Albany, N.Y. Knight Ridder/Tribune Business News
Nov. 14--Smaller tenants moving in have stabilized rising vacancy rates in the Capital Region over the past few months, according to the latest survey from industry watcher CB Richard Ellis/Albany.
There still is little new construction and no new large tenants shopping for space. But many buildings that once housed a single tenant have been revamped and subdivided to accommodate smaller firms, which are grabbing up space in increments of 2,000 to 5,000 square feet.
Those smaller tenants helped bring the vacancy rate down to 8.9 percent in the suburban Albany market, from the 10.3 percent measured in July, according to CB Richard Ellis. Downtown Albany's...
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