Real Estate Trends in the Glens Falls Area 4-22-18

Some categories of the Commercial real estate market are trending nicely while others have remained very flat. There have been positive developments in the downtown area that we are excited about. Patten Property development just recently received site plan approval for a project on the corner of Glen St. and South St. That project will no doubt set the tone for the south street revitalization. The facade on the Park Theater looks absolutely stunning and we anticipate the interior & business offering to be just as magnificent. With DRI money on the way, there are certainly opportunities to continue the expansion and revitalization of the City. Large developers have taken notice of the successes of The Mill with the new owners completing a one million dollar project that has delivered 18 new luxury apartments. In addition, 14 Hudson has leased all but a few of its 87 new apartments and most of its ground floor and second floor commercial space. We receive inquiries on inline row buildings in the downtown area, as well as multifamily units in the area. There is strong interest to invest in the apartment market right now. The same rings true for Queensbury.  Development continues from Schermerhorn Commercial Holdings putting in a beautiful apartment community just off Bay Rd. There have also been some larger Commercial development projects being executed with a Fast Trac completing its construction just off exit 18 on Corinth Road. The Queensbury Truck Stop on Rt. 149 and a pair of Hotels that have sprung up just off of the Northway at Exit 18 and Exit 19. Large multi-million dollar investments are being made and it truly has made a difference in the area’s character and makeup. On the flip side, the medical care delivery system in the area has transformed over the last few years with what Hudson Headwaters has accomplished and we have seen large office space’s that were formerly occupied by private practices become available without medical tenants entering the market to take up this stock. Large box bricks and mortar retailers (such as Toy’s-R-Us) are struggling across the nation competing with on line retail companies such as Amazon. This shift in the paradigm will ultimately create some large box store vacancies that we are begin to see here and across the county.  Look for more experience driven concept’s in the future that supplement logistical offerings such as Amazon. What the area needs are 2 things, lower city taxes to continue to drive development in Glens Falls, and luring in a large corporation to the area. Any tangible increase in demographics will drive Commercial Real Estate in Warren County! The Creative Economy Initiative spearheaded by Tom Lloyd of Adirondack Scenic and other is making a name for itself. They are systematically making their way through 8 counties in and around the Northway corridor, which bodes well for more growth in that sector.  A very concerted and professional approach is being applied to analyzing and promoting the 4th largest economy sector in NY State.

Nicholas Ketter is a new hire for Levack Real Estate. A Queensbury alum and recent M.B.A. Graduate from the University at Albany (where he served as a 2 time Captain of the D1 Football team). Nic spent the last year and a half working in Information Technology with GE Digital in Schenectady, NY and ultimately decided to come home to the area to pursue a career in Commercial Real Estate. Please reach out to Nic for anything. He is willing to provide an opinion of value, needs analysis, discuss any and all potential business/real estate ventures or even just have a friendly conversation! [email protected]