MALTA — Economic developers on Thursday assessed the Saratoga County real estate market as strong and optimistic.
The Saratoga County Prosperity Partnership’s inaugural Saratoga County Real Estate Index found strong residential, commercial and industrial market sectors, and said each had need for additional inventory.
“Saratoga County’s vibrant real estate market is critically important because its reach extends into all sectors of our economy,” said Marty Vanags, president of the Prosperity Partnership, the county’s designated economic development agency. “As our first-ever Real Estate Index shows, Saratoga County continues to be a preferred location for both businesses and homeowners, which bodes well for sustained economic growth in one of the fastest-growing counties in the Northeast.”
The index also summarized a survey of Saratoga County real estate professionals: 94 percent characterized sales sector as stable, strong or very strong for residential, 88 percent for commercial leasing and 78 percent for commercial sales.
Some other points on the Real Estate Index:
- 708 single-unit building permits were issued in Saratoga County in 2017, more than twice as many as any other Capital Region county.
- Median home prices rose slightly, from $223,000 in 2017 to $228,000 in 2018
- Available urban office space fell from 75,000 square feet (12 percent) in 2014 to just under 12,000 square feet (2 percent) today.
- Available suburban office space grew from 257,000 square feet (10 percent) in 2014 to just under 355,000 square feet (13 percent) today.
- Lease rates for urban and suburban office space dropped slightly in 2018 but remain the highest in the region.
- Total industrial space (just under 10 million square feet) and vacant industrial space (just under 500,000 square feet) are about the same as 2014.
- Lease rates for industrial space are also virtually the same as 2014 but are among the highest in the region.
The release of the index was followed by a panel discussion that featured leaders from each real estate sector. Panelists included Tom Roohan, president of Roohan Realty; Richard Sleasman, president and managing director of CBRE-Albany; Matthew Harrison, vice president, residential lending, Adirondack Trust; and John Allen, partner at Whiteman, Osterman & Hanna LLP.