A busy quarter
The third quarter was action-packed for the Albuquerque retail market. In a flurry of openings, closings, mergers, buyouts, expansions and pop-up Halloween stores, the retail market ended the quarter with positive absorption. The quarter finished with 8.20% vacancy for the whole market.
The retail market saw the delivery of nearly 115,000 square feet of new construction during the quarter. Most of that new construction was a 70,000 square foot, free-standing Cabela’s outdoor recreation retailer, which was completed in July. The Legacy @ Journal Center also saw the near completion of a 8,000 square foot pad site strip center. No tenants have been publicly announced.
Key factors this quarter
- The third quarter saw an increase of 115,000 square feet to the base inventory with the completion of several retail construction projects.
- Upcoming quarters will see the delivery of additional new construction retail space, as well as large vacancy being backfilled at Coronado Mall.
- The Albuquerque market saw positive overall absorption despite new national bankruptcies.