If there’s a big project in the works locally, you can almost guarantee that one of the names on this week’s Lists are involved.
This week we ranked the largest commercial property managers and commercial property developers in the region.
The largest property manager — and owner — in the region is Galesi Group, which manages more than 11 million square feet of space around the region.
Galesi has been No. 1 on this List since it started, and while its holdings are diverse, the company’s biggest properties are its industrial parks.
That just happens to be the strongest sector in commercial real estate right now, with the local vacancy rate for industrial space at a record low, just over 1% according to data from CBRE-Albany.
Strong demand has pushed Galesi, and some other industrial developers, to build more space on spec, which it has done with several projects this year. It’s also helped popularize the idea of “cowarehousing” — think coworking but for small industrial spaces — both nationally and locally.
Meanwhile, the No. 1 developer on this year’s list is Redburn Development Partners, which is in the midst of tackling projects at the former Huck Finn’s Warehouse, Kiernan Plaza and 930 Broadway in Albany.
One project that could be down the line for Redburn: The former Central Warehouse in Albany, which is currently in legal limbo with its current owner as Albany County seeks to foreclose on the property.
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