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NEWSLETTER | Q4 2023
Albuquerque Office Occupier Newsletter
CBRE
Goodbye 2023, Hello 2024!
Despite a limited supply of Class A office space and increasing rates, the commercial office market in the Albuquerque Metro maintained steady leasing activity in 2023. The prevailing "back to the office" mindset, coupled with the need for more efficient and modern workspaces, prompted a number of larger tenants to reevaluate their current locations and opt for relocation to higher-quality office spaces. Tenants who were new to the market were also primarily interested in Class A buildings; the limited supply and high demand enabled landlords of these desirable buildings to command increasing rents.
 
As a result, transaction timelines were extended due to the more extensive approval process involving capital expenditures and careful planning for the selection and/or relocation. Tenants are actively seeking high-quality spaces that foster collaboration, efficiency, and are situated in amenity-rich environments. Additionally, the primary concerns for tenants remain focused on security and safety.
 
These trends look to continue in 2024, but we are hopeful that the addition of more Class A office space to the market will help to give tenants some added options in their search.
16
Deals Closed
Q4 2023
117,614
SF Leased
Q4 2023
>$16M
Transaction Value
Q4 2023
Q4 2023 Albuquerque Office Market Snapshot
11.0%
Albuquerque Metro Area Office Vacancy Rate
$24.42
Median Asking Lease Rate for Class A Office
$19.73
Median Asking Lease Rate for Class B Office
$16.41
Median Asking Lease Rate for Class C Office
Q4 2023 Albuquerque Office Figures Report
Overall vacancy for the Albuquerque office market inched up to 11.0%, marking a 170 basis points increase quarter-over-quarter from the record low of 9.3% recorded in Q3 2023.
-Transactional activity totaled about 161,086 sq. ft. Notably, this figure reflects a 9% uptick year-over-year and a substantial 19% increase quarter-over-quarter.
-Average asking rates remained resilient, increasing approximately 6.2% year-over-year, from $19.02 per sq. ft. FSG to $20.19 per sq. ft. FSG. 
 
Download Full Report
We Can Help You With the "New Math"
What is the new math behind the hybrid workspace?  Variable work patterns provide a gamut of questions to consider.  Add to that market conditions, timing of the delivery of the space including technology, construction and permitting…you need experts to help solve the equation. It’s not easy math and it’s not a multiplication table where results are always the same.  Every problem and every solution is different.  Our years of experience and the strength behind us of CBRE’s subject matter experts sets us apart.
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For more information, please contact:
Debbie
Dupes, CCIM
First Vice President
+1 505 515 6733
debbie.dupes@cbre.com
 
Cheryl
Hardt
Senior Vice President
+1 505 803 8405
cheryl.hardt@cbre.com
 
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