{"id":38573,"date":"2025-10-21T15:04:56","date_gmt":"2025-10-21T19:04:56","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=38573"},"modified":"2025-10-21T15:04:56","modified_gmt":"2025-10-21T19:04:56","slug":"the-glens-falls-region-is-experiencing-a-resurgence-of-commercial-real-estate-activity","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/10\/the-glens-falls-region-is-experiencing-a-resurgence-of-commercial-real-estate-activity\/","title":{"rendered":"The Glens Falls Region Is Experiencing A Resurgence Of Commercial Real Estate Activity"},"content":{"rendered":"<figure id=\"attachment_38574\" aria-describedby=\"caption-attachment-38574\" style=\"width: 640px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-38574 size-full\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2025\/10\/3-highland-ave-copy.jpg\" alt=\"\" width=\"640\" height=\"480\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2025\/10\/3-highland-ave-copy.jpg 640w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2025\/10\/3-highland-ave-copy-300x225.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><figcaption id=\"caption-attachment-38574\" class=\"wp-caption-text\">Craig Darby of CBRE Upstate NY brokered the deal to sell 3 Highland Avenue in Queensbury.<br \/>Courtesy of CBRE Upstate NY<\/figcaption><\/figure>\n<p>By Rod Bacon<\/p>\n<p>According to area professionals, the commercial real estate market in the region is, while somewhat challenging, doing well.<\/p>\n<p>In Glens Falls, there has been a significant resurgence of activity in this segment of the market. Projects by Bonacio Construction on South Street and one in conjunction with the Galesi Group on Hudson Avenue have led the way but other development has contributed as well. Developers like Chris Patten and Tim Barber have helped shape the look of the area.<\/p>\n<p>Craig Darby, an associate with Albany-based CBRE Upstate NY, has brokered deals in Glens Falls for years.<\/p>\n<p>On September 30, Behavioral Health Services North Inc. closed on a +\/-8,800-square-foot office building at 25 Willowbrook Road in Queensbury.<\/p>\n<p>Native Partners\u2019 owner Tim Barber sold approximately 10 acres at 377 Corinth Road in Queensbury to F.W. Webb Company, which is constructing +\/-90,000-square-foot showroom\/office\/warehouse facility.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Barber is building an addition to the former Native Textiles facility at 24 Native Drive. The building houses multiple warehouse tenants.<\/p>\n<p>Currently on the market for $2,900,000 is 3 Highland Avenue in Queensbury, a property zoned commercial\/light industrial being offered by F.W. Webb. According to Darby, who is representing the seller, multiple commercial\/industrial uses are permitted.<\/p>\n<p>\u201cAll of this activity is very positive for Glens Falls and the region in general,\u201d said Darby. \u201cWe are definitely experiencing an improving economy and a renewed interest in developing viable projects in the area.\u201d<\/p>\n<p><b><span class=\"Apple-converted-space\"><strong><span class=\"s1\"><span class=\"s2\"><!--more--><\/span><\/span><\/strong><\/span><\/b>Tom Roohan, owner of Roohan Realty in Saratoga Springs, said that the increase in interest rates post-Covid is making it difficult for investors to purchase commercial properties.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u201cA lot of us were spoiled by lower interest rates,\u201d he said. \u201cLow interest rates mean a lower cap rate, which means higher value. That has been frustrating for many people because things they refinanced are built at a certain interest rate that is no longer available to us. That makes it hard for us to sell the property.\u201d<\/p>\n<p>He noted that interest rates that were as low as 3.75 percent have risen to 6.75 percent or 7 percent, depending upon how much is put down and the quality of the property.<\/p>\n<p>Despite that, some very desirable office space is available in the Spa City. The agency just listed a 2,100-square-foot corner office for lease in the historic Van Raalte Mill building at 125 High Rock Avenue. The $6,000- per-month lease is all inclusive except for communication and includes a reception area, conference rooms, kitchen, eating area, and substantial parking. Listing agents are Amy Sutton and Megan Brenensthul.<\/p>\n<p>It is on the market because Marshall + Sterling Insurance consolidated some of its Upstate New York offices in Latham.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u201cIt\u2019s a nice historic building space that is very bright because it\u2019s in a corner of the building,\u201d Roohan said.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>The agency\u2019s listings also include an office building on Care Lane in Saratoga Springs and another in Malta.<\/p>\n<p>He said that he didn\u2019t know of anything available in the retail sector on Broadway.<\/p>\n<p>\u201cBut there\u2019s always dirt for sale,\u201d he noted. They have a listing for 7.5 acres at the entrance of the Blue Lupine Lane Industrial Park off Ballard Road near Exit 16 in Wilton. Asking price is $609,00.<\/p>\n<p>Roohan said that because of venues like the Saratoga Race Course, Saratoga Performing Arts Center, and proximity to ski areas like West Mountain and Gore Mountain the second home market is strong.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u201cPeople can own a condo or a townhouse here and come from nearby places like New Jersey, Boston, New York City or Pennsylvania to enjoy what Saratoga has to offer,\u201d he said.<\/p>\n<p>Tom Savino, another associate at CBRE Upstate NY, agrees with Roohan, calling the Saratoga County economy \u201cvibrant.\u201d<\/p>\n<p>\u201cIf we have an issue at all it is sometimes the lack of inventory, both industrial and office, for purchase,\u201d he said. \u201cThere\u2019s a bit of a drought there, but there are leasing opportunities and for the most part they are above normal in terms of activity.\u201d<\/p>\n<p>He noted that even during Covid leasing activity in Saratoga Springs did not slow down drastically. He and fellow associate Eric Simonds were the leasing agents tasked with filling 85,000 square feet of office space in Congress Park Center at 321 Broadway when Goldman Sachs relocated to Latham. With the exception of 10,000 square feet that currently has a lease out for review, they met that goal.<\/p>\n<p>\u201cLocation is key in real estate and downtown Saratoga Springs is a prime example of location driving demand,\u201d said Savino.<\/p>\n<p><span class=\"Apple-converted-space\">\u00a0<\/span>Like Roohan, he noted that virtually no available retail space is available on Broadway.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u201cThe first floor of Congress Park Centre is retail and it\u2019s completely full,\u201d he said. \u201cIf I had more space I could sell it if it was on Broadway.\u201d<\/p>\n<p>In suburban markets there has been some redevelopment of the larger malls that has resulted in increased activity. He said this is at least partly due to quick-serve restaurants opening.<\/p>\n<p><span class=\"Apple-converted-space\">\u00a0<\/span>He has seen a softening in the industrial sector due to the absorption of space. Quad Graphics was purchased by biotechnology company Regeneron and Cascades Tissue by scrap metal recycler NHKelman Inc., removing these buildings from the market.<\/p>\n<p>\u201cIn that sector we don\u2019t have a lot of inventory for purchase,\u201d he said. \u201cThere is some inventory for lease but we\u2019re seeing it slow down in favor of purchase.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Rod Bacon According to area professionals, the commercial real estate market in the region is, while somewhat challenging, doing well. In Glens Falls, there has been a significant resurgence of activity in this segment of the market. Projects by Bonacio Construction on South Street and one in conjunction with the Galesi Group on Hudson [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":38574,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-38573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-residential-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>The Glens Falls Region Is Experiencing A Resurgence Of Commercial Real Estate Activity - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/10\/the-glens-falls-region-is-experiencing-a-resurgence-of-commercial-real-estate-activity\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"The Glens Falls Region Is Experiencing A Resurgence Of Commercial Real Estate Activity - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Rod Bacon According to area professionals, the commercial real estate market in the region is, while somewhat challenging, doing well. In Glens Falls, there has been a significant resurgence of activity in this segment of the market. Projects by Bonacio Construction on South Street and one in conjunction with the Galesi Group on Hudson [&hellip;]\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/10\/the-glens-falls-region-is-experiencing-a-resurgence-of-commercial-real-estate-activity\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Glens Falls Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2025-10-21T19:04:56+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2025\/10\/3-highland-ave-copy.jpg\" \/>\r\n\t<meta property=\"og:image:width\" content=\"640\" \/>\r\n\t<meta property=\"og:image:height\" content=\"480\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\r\n<meta name=\"author\" content=\"Jake Van Ness\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Van Ness\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/10\/the-glens-falls-region-is-experiencing-a-resurgence-of-commercial-real-estate-activity\/\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/10\/the-glens-falls-region-is-experiencing-a-resurgence-of-commercial-real-estate-activity\/\",\"name\":\"The Glens Falls Region Is Experiencing A Resurgence Of Commercial Real Estate Activity - Glens Falls Business Journal\",\"isPartOf\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/10\/the-glens-falls-region-is-experiencing-a-resurgence-of-commercial-real-estate-activity\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/10\/the-glens-falls-region-is-experiencing-a-resurgence-of-commercial-real-estate-activity\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2025\/10\/3-highland-ave-copy.jpg\",\"datePublished\":\"2025-10-21T19:04:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/10\/the-glens-falls-region-is-experiencing-a-resurgence-of-commercial-real-estate-activity\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/10\/the-glens-falls-region-is-experiencing-a-resurgence-of-commercial-real-estate-activity\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2025\/10\/the-glens-falls-region-is-experiencing-a-resurgence-of-commercial-real-estate-activity\/#primaryimage\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2025\/10\/3-highland-ave-copy.jpg\",\"contentUrl\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2025\/10\/3-highland-ave-copy.jpg\",\"width\":640,\"height\":480,\"caption\":\"Craig Darby of CBRE Upstate NY brokered the deal to sell 3 Highland Avenue in Queensbury. 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