Several larger leases were completed in the 2nd half of 2016 including Bechtel (+/-73,000 SF in Schenectady CBD), Berkshire Bank (+/- 22,000 SF in Albany CBD), 3M (+/- 60,000 SF in Colonie), and Pitney Bowes (+/-24,000 SF in North Greenbush).
The office investment market remained very active throughout 2016 with several portfolios and notable properties changing ownership. Among these transactions are the following: FBI building in Albany ($20.1 M), Regeneron complex in East Greenbush ($17.7 M), Corporate Plaza in Albany ($14.4 M), and all the Beltrone office buildings throughout Colonie (multiple sales).
An office leasing trend, first noted in late 2015, has gained momentum with corporate tenants continuing to downsize in many locations while maintaining, even expanding, their employee base. Demand for more efficient and increasingly popular floor planning with shared "plug and play" spaces is escalating. Unknown yet is the impact on parking availability for increasingly dense populated spaces.