Office owners squeezed by higher construction costs

08/12/2008 | American City Business Journals

Commercial real estate owners in Albany, N.Y., are feeling the squeeze from higher construction costs as rents stay flat. Downtown Albany offers 6.1 million square feet of office space, most of which is Class A or Class B. However, the overall vacancy rate in the area of 10.4% is still lower than the national average of 13.6%.

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