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Q4 2020 Albuquerque Office market report

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Silver lining on the horizon for office investors amidst vaccine debut

The fourth quarter of 2020 saw overall office asking rental rates decrease to $19.35 per square foot full service, breaking a nearly two-year long streak of a slight escalation in rates in the Albuquerque market.

The rate decreased $0.35 per square foot from Q3, and the vacancy rate rose by 43 basis points, from 15.45% to 15.88%. The market experienced a negative absorption of 60,273 square feet, as some businesses brought the year to a close by downsizing or closing their office operations. Still, the vacancy rate remains lower than the year end rate of 2019, which was 16.37%, and 2021 presents plenty of opportunities for the office market to rebound.

 

 

Key Factors in this Quarter
  • Many businesses have recognized the importance of collaboration in office spaces over the last year, as innovation and creativity have been required to keep teams physically separated working together efficiently.

  • Most of the quarters’ negative absorption occurred as small scatterings of activity.

  • COVID-19 is still here. However, the vaccine is the light at the end of the tunnel.


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Q4 2020 Albuquerque Office market report

Download Report