The Albuquerque Office market showed a great amount of promise this last year. The Colliers report of the Albuquerque market shows that at the end of the third quarter there was a total of 14,081,089 sq ft with 2,657,666 of those sq ft available on the market.
We can break down the Albuquerque market down by its submarkets, with the area surrounding Albuquerque’s Airport having the largest percentage of vacancies at 40.91% which totals to about 430,122 sq ft.
The Northeast Heights market having the lowest vacancy rate at 7.46% which totals 59,698 sq ft. Showing a great amount of promise for prospective investors looking to purchase office space to lease to local tenants in this rapidly growing area of Albuquerque.
Much of the construction this past year has actually been primarily focused on building small medical facilities, which with these occupancies have helped outweigh the affect larger vacancies have had on the market this past year; from organizations like Brown Mackie College with 56,000 sq ft.
If you’re an investor interested in learning more about the Albuquerque commercial real estate market, in particular office properties, contact myNOI’s selected broker in the area, Bryan Cantrell.