Figures

Albuquerque Office Figures Q4 2024

January 29, 2025 5 Minute Read

Looking for a PDF of this content?

Download

-While 2024 absorption remained negative for the second consecutive year, it showed a 45.3% improvement over 2023. Downtown Albuquerque led the market in year-to-date net absorption due to recent move-ins at 500 Marquette Ave NW.
-Overall vacancy for the Albuquerque office market inched up to 11.6%, marking a 300-basis-point (bps) increase year-over-year, with the largest vacancy shifts primarily in North I-25 and Rio Rancho, where Hewlett-Packard (HP) downsized their occupancy.
-Despite the increase in vacancy, 2024 saw a 14.5% increase in transactional activity, as companies continued the trend of downsizing.
-Between 2023 and 2024, the availability rate dropped dramatically from 17.4% to 13.7%. Significant declines in available space were observed in Downtown Albuquerque and Rio Rancho, where over 25,000 sq. ft. were leased to Proud Moments and SW Healthworks at 500 Unser Blvd SE.
-There were no construction deliveries in 2024, however, the 30,492-sq.-ft. Portland Building (2100 Louisiana Blvd NE) is expected to finish in early 2025.