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Q4 2019 Albuquerque Office market report

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Higher rates likely to remain in strong market

Fourth quarter of 2019 saw the third consecutive quarter of increased rental rates in Albuquerque’s office market, which came in at an average asking rate of $18.76 per square foot full service. This is an increase of $0.45 over last quarter and a nine percent increase year over year.  Vacancy is down another 29 basis points, from 16.66 percent to 16.37 percent, with the quarter’s final absorption at 41,434 square feet. 

This quarter marks the first time in Colliers recorded history that average office market rates have stayed above $18 per square foot for three consecutive quarters and is the highest recorded asking rate on record. Asking rates are likely to remain high in the beginning of 2020 as activity continues to be steady. Attitudes towards 2020 are generally positive, however there are underlying concerns with the election year as well as national economic predictions of an impending recession. 

 

Key Factors in this Quarter
  • Rates are over $18 Full Service for the third consecutive quarter, this is the longest that rates have remained over $18 in Colliers recorded history.

  • Faneuil, a new to market call center, has leased and occupied the space previously vacated by Sitel. The company will bring up to 700 new jobs to Albuquerque.

  • Nusenda Credit Union’s new administrative building has been occupied and is now included in the Albuquerque office inventory.


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Q4 2019 Albuquerque Office market report

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