Albany, N.Y., Suburbs Faces Surge in Empty Office Space.

Byline: Kevin Harlin

May 10--Empty office space in suburban Albany nearly doubled in the last year, driven by a shift of workers into downtown and a spurt of new suburban construction that left older buildings without tenants.

Some real estate watchers say the excess space, reduced rents and still-fragile economy have slowed new building this spring, and that the slackened pace could continue into next year.

"It's supply and demand," said Jeffrey Sperry, president of CB Richard Ellis/Albany, the commercial real estate giant that released its spring office market survey Thursday. "Because the economy has been slow, the inbound migration of new tenants from outside the area has slowed."

According to the firm's biannual …