Slow and steady gains
Albuquerque’s office market saw continued modest absorption, decreasing overall vacancy by 4 basis points the first quarter of 2018.
The beginning of 2018 has kicked off with several new construction and revitalization projects. The largest of which is the expansion of Nusenda’s headquarters at the intersection of Pan American Frontage Rd and Luecking Park Ave. Construction began on the four-story, 60,000 square foot expansion during the first quarter.
A notable redevelopment project is the former Marble Plaza Office Complex at 5905 Marble Ave. The 32,000 square foot office property was sold last year and completely demolished. The site will be repurposed into a senior living complex; accordingly, the property has been removed from the office inventory.
Key factors this quarter
The Downtown submarket has added several tenants including a new 22,000 square foot data center.
The overall inventory saw a net increase of over 30,000 square feet after the removal of Marble Plaza Office Complex and the addition of the former Indian Health Services building.
The Airport submarket has over 1 million square feet of office space planned and new retail and industrial space under construction.