Market Snapshot of the Albuquerque Retail Market
The Albuquerque retail market contains 24,975,887 square feet (SF) of retail supply.
There was 127,863 SF of net absorption in the market. The current net absorption levels are the highest since 2010, a positive sign. There are 225,616 SF of construction underway in the market. Vacancy in the market averaged 12.1% over the most recent quarter. The overall vacancy rate declined for the fourth consecutive quarter and was down 312 basis points from three years ago. Asking rents have declined slightly from last quarter.
Overall, asking rents in the market on community centers are $8.00-$36.00 PSF, neighborhood centers are $8.00-$28.00 PSF and strip centers are $4.70-$32.00 PSF. Overall asking rents for freestanding buildings in the market are $14.00-$17.56 PSF with an average of $16.00 PSF. All asking rents are based on NNN lease structures.