Growth, expansion, investment and innovation throughout 2021
The industrial vacancy rate in Albuquerque held relatively steady in the mid 2% with minimal activity during the last quarter of 2020. After a year of expansions, moves, and shuffles, Q4 had a final negative absorption of about 26,000 square feet despite a few large lease deals being completed.
The industrial market in Albuquerque started 2020 with incredibly low vacancy and a lack of available industrial space. COVID-19 caused a true shakeup across the commercial real estate sphere, but unlike the Office and Retail markets which relied heavily on businesses put on hold by the pandemic, the industrial market faced a sudden demand for new spaces to accommodate warehouses to store supplies, manufacture sanitation products, and support online ordering and delivery.
Key factors this quarter
- Sombra Professional Therapy Products have permanently added hand sanitizer to their production line and purchased a 112,000 square foot facility at 245 Woodward Rd. SE.
- Movies 8 at 4591 San Mateo Blvd. is being converted into the industrial inventory and will now be a place to manufacture bottle soaps and shampoos.
- The industrial market throughout 2020 was an indication that we will see growth, expansion and investment.