The Saratoga County Prosperity Partnership in December released its inaugural Saratoga County Real Estate Index, which it said portrays the county as having strong residential, commercial and industrial markets, but with a need for additional inventory in each sector.
The index was unveiled during a luncheon event attended by more than 100 business executives and professionals at the Hyatt Place Saratoga/Malta.
The index also presented the results of a Pulse Survey that signaled an optimistic view of Saratoga County’s real estate sector. Among real estate professionals surveyed, 94 percent describe the residential sales sector as strong, very strong or stable; 88 percent see the commercial leasing market as strong, very strong or stable; and 78 percent characterize the commercial sales market as strong or very strong.
“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 Saratoga County Prosperity Partnership.
The 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,” he said.
The Saratoga County Real Estate Index is the latest in a series of indices developed by the Saratoga Partnership that track the county’s economic vitality. It offers insights across the county’s real estate sectors, including:
Saratoga County led the Capital Region in single-family home sales over the past year with 248, though that figure declined from the previous year, as was the case in much of the area
• Saratoga County was the only local county to see an increase in single-family home inventory over the past year, with housing stock rising 8 percent to just over 1,600 units
• In 2017, the 708 single-unit building permits issued in Saratoga County were more than double the closest area county
• Median home prices rose slightly, from $223,000 in 2017 to $228,000 in 2018
• The amount of urban office space has fallen from 75,000 square feet in 2014 to just under 12,000 square feet today, with the vacancy rate falling from 12 percent to 2 percent
• The amount of suburban office space has grown from 257,000 square feet in 2014 to just under 355,000 square feet today, with the vacancy rate increasing from 10 to 13 percent
• Lease rates for both urban and suburban office space dropped slightly over the past year, but remain the highest in the Capital Region
• Total inventory of just under 10 million square feet, and vacant space of just under 500,000 square feet, are virtually unchanged from 2014
• Similarly, the vacancy rate of just under 5 percent is on par with 2014
• Industrial lease rates in Saratoga County are among highest in the region, but nearly identical to the 2014 rates
“The Real Estate Index illustrates the strength of Saratoga County’s real estate sector, which is particularly impressive amid the turbulence nationwide,” said Kevin Hedley, chairman of the Saratoga County Prosperity Partnership. “I’m delighted that the Saratoga Partnership continues to generate valuable data that is helping existing businesses plan for the future, and enticing prospective businesses to look more closely at what Saratoga County has to offer.”
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 Co.; and John Allen, partner at Whiteman, Osterman & Hanna LLP.
The presenting sponsor of the event was Adirondack Trust Co. Silver sponsors were The Janack Group, Julie & Co. Realty LLC, and Whiteman Osterman & Hanna LLP. Bronze sponsors were C.T. Male Associates and Roohan Realty.
For more information, visit saratogapartnership.org or @saratogaecondev.