By Pamela Fisher
Throughout the Capital District, a vast amount of office space sits vacant. Still, Robert Sears, a Realtor in Queensbury, is optimistic the market is gaining momentum in the Glens Falls region.
Sears is vice president of Prudential Blake Commercial Realtors and has more than 23 years of experience in commercial real estate.
“I think we are very lucky in this area,” said Sears. “The down times economically are not as dramatic as they are in many areas of the country. Our growth is on a continued basis.” Richard Ferro, principal broker and manager at Prudential Blake Commercial Realtors, is also optimistic. He reports a substantial upturn in commercial sales over last year and cites regional statistics from the Commercial Industrial Real Estate Brokers that show the first eight months of 2012 is up by 29 percent over the same period in 2011. Even more striking, he said, is that the 2012 level is 6 percent higher than the boom year of 2007. “Length of time on the market is also showing significant improvement,” said Ferro.
Sears said the commercial properties that are selling are principally under a stress situation, so they are purchased at a very competitive price, making it a great time to buy. Though many properties remain on the market, Sears is hopeful for the future.
“As far as the Glens Falls region goes, the market has been at somewhat of a status quo for the last couple of years. Pace has picked up over the last two months. I’m seeing more people looking at the possibility of expanding in their businesses or buying another building to open up a new business.”
Sears has several commercial listings throughout Glens Falls and Queensbury. They include vacant space in Stone Plaza, located on Dix Avenue. He also represents Fairfield Professional Park, located on the corner of Walker Lane and Bay Road, offering 16 one-half to two-acre subdivided lots approved for professional offices. Other listings include 103 Warren St. (formerly Explore!), as well as 1043 and 989 Route 9 in Queensbury. Sears also credits Global Foundries for impacting commercial real estate beyond Saratoga County, though its reach to Glens Falls is subtle so far.
“I think Global Foundries has a very strong impact, but for this region specifically it has not evolved to the point where you can really show a marked improvement of the commercial activity as a result,” Sears said. “Going forward, I think it will have an impact in the next couple of years for this area.”
Ferro referred to one property that was recently sold in only 32 days. “And the discrepancy between the asking price and the selling price is coming closer. Sellers are less inclined to unload a property at any price, as they might otherwise be in a very slow market.”
Ferro says he is very bullish on the Capital Region commercial market, and it’s not all because of Global Foundries. There is a great deal of new construction – hundreds of thousands of square feet -happening around SUNY Albany’s nanotech campus, as well. To reach Sears at Prudential Manor Homes Realtors, call 793-7940. To contact Ferro at Prudential Blake Realty, call 464-0870, ext. 2212 or visit www.prublakecommercial.com.