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.
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.
Oak Street Health, a Chicago based healthcare company leased three different spaces in retail centers across Albuquerque.
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.