Like many conifers (needled evergreens), spruce cannot regrow foliage from older wood that has since lost its leaves (which, by itself, is normal for branches on the interior of a shrub/tree that are several years old). This means that any pruning performed that cuts branches back to leafless wood will remain bare for the life of that branch. Since there is very limited capacity for regrowth, restricted to just the outer tips of branches that are only a couple years old or so, more drastic pruning to restrain plant size will not result in a plant with an appealing shape or appearance. In this situation, the shrub should be moved to a location where it has more space to mature, or it will have to (eventually) be replaced when it gets too much in the way.

'Fat Albert' is a tree-form cultivar of Colorado Blue Spruce, not a shrub form (though sometimes young plants are somewhat flat-topped for other cultivars before they turn into a pyramid). This might be the variety 'Montgomery' or 'Globosa' instead. While that doesn't matter too much for the current predicament, it might impact how much room you need to leave it to mature should you transplant it to another location in the yard.

It is hard to predict how much stress transplanting a spruce of this size would cause the plant. Some of our resources say early spring (March-ish) would be an ideal time to transplant evergreens (probably including spruce, though they don't get that specific). Some also say that, having missed that window of time, late summer (around mid-August to mid-September, more or less) would be fine as it gives the plants time to re-establish some new roots before cold weather pauses growth. If moved, the plant should be carefully monitored for watering needs, and dig as large (mainly in width) of a root ball as can be handled to reduce shock to the plant. Blue Spruce is vulnerable to several problems (mainly two fungal diseases) in our hot, humid climate, but anecdotally, it seems some cultivars are more naturally disease-resistant than others, and we tend not to see as much notable damage on the dwarf shrub forms than we do on the taller-growing tree types. Even then, though, some trees seem to escape infection while others succumb.

Miri