Positive absorption seen in the second quarter
The effects of the post-lockdown turnaround are starting to be seen in the Albuquerque market. Second quarter of 2021 saw a positive absorption of 146,086 square feet, with creative deals and changing uses shifting the retail market inventory in new ways.
Key Takeaways
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Use conversion projects drove absorption with nontraditional retail tenants, like medical and gym users, taking space in shopping centers, strip malls and other retail properties.
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Oak Street Health, a Chicago based healthcare company leased three different spaces in retail centers across Albuquerque.
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Garduno’s at Winrock Town Center has closed and there are plans to redevelop the space into a multi-tenant food hall, a concept that is growing in popularity in the Albuquerque market.
