Real Estate Opportunity Study in Albany, NY

The Challenge

The Central Avenue corridor in Albany, NY, has faced a challenging economic situation since the COVID-19 pandemic. Changes in consumer preferences, real estate market trends, and overall shifts in the role of commercial corridors have impacted the environment, safety, and overall potential for new investment.

The Solution

The Central Avenue Business Improvement District (BID) set out to re-evaluate the state of the corridor, as the last planning effort was completed over 20 years ago under much different market conditions. The BID contracted Camoin Associates, with the support of Empire State Development funding, to conduct a real estate opportunity study. The BID viewed the study as a launch point to reinvigorate the neighborhood through targeted investment and emphasizing the existing corridor assets.

The study assessed the factors impacting the local retailers, demonstrated where Central Avenue’s competitive assets are, and identified catalyst development areas. A public perception survey demonstrated that consumers frequent the corridor and would come more often if the public realm were tailored more for walkability and the City addressed public safety concerns.

A crucial component of the study was fostering entrepreneurship along the corridor. The study emphasized the importance of creating an environment conducive to entrepreneurial growth by identifying opportunities to support emerging and established businesses.

The Impact

The report was included in the BID’s 2024 year-end wrap-up Board presentation. The data and insights provided by Camoin Associates have already empowered the BID to engage with developers and entrepreneurs.

Moving forward, the study will be used to demonstrate market potential with City of Albany leadership and potential investors, showcasing the corridor’s market potential and the opportunities available for entrepreneurial endeavors.

Services Provided:

• Real estate opportunity analysis
  • Public perception survey
  • Existing conditions review
  • Retail gap analysis
  • Real estate market snapshot of office, residential, entertainment, and hospitality
  • Catalyst development site identification
  • Entrepreneurship and small business needs assessment
• Stakeholder and leadership engagement

Learn more about our Real Estate Development Analytics and Advisory Services

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