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New Mexico
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VACANCY
Apartment
The average Vacancy Rate was 2.6% in the Albuquerque metro
- The Albuquerque metro had the lowest vacancy in the West region, third lowest in the nation.
- Vacancy in the Albuquerque metro drifted downward by 40 basis points.
- Vacancy is expected to finish 2024 at 3.1% in the Albuquerque metro.
Distribution / Warehousing
The average Vacancy Rate was 2.9% in the Albuquerque metro
- Vacancy in the Albuquerque metro declined by 50 basis points.
- The Albuquerque metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 2.9% in the Albuquerque metro.
Office
The average Vacancy Rate was 19.4% in the Albuquerque metro
- Vacancy in the Albuquerque metro declined by 210 basis points.
- The Albuquerque metro had the lowest vacancy level since Q1 2014.
- Vacancy is expected to finish 2024 at 19.9% in the Albuquerque metro.
Retail
The average Vacancy Rate was 15.1% in the Albuquerque metro
- Vacancy in the Albuquerque metro increased by 330 basis points.
- The Albuquerque metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 15.2% in the Albuquerque metro.
RENT
Apartment
The average Asking Rent was $1,276 in the Albuquerque metro
- Rent in the Albuquerque metro was up 0.6% from Q1 2024.
- Rent is expected to finish 2024 at $1,289 in the Albuquerque metro.
Distribution / Warehousing
The average Asking Rent was $8.27 in the Albuquerque metro
- Rent in the Albuquerque metro was up 0.6% from Q1 2024.
- Rent has risen in every quarter since Q1 2020 in the Albuquerque metro.
- Rent is expected to finish 2024 at $8.41 in the Albuquerque metro.
Office
The average Asking Rent was $18.18 in the Albuquerque metro
- The Albuquerque metro had the fastest rent growth in the West region, fifth most rapid in the nation.
- Rent is expected to finish 2024 at $18.24 in the Albuquerque metro.
Retail
The average Asking Rent was $15.06 in the Albuquerque metro
- The Albuquerque metro had the fastest rent growth in the nation.
- Albuquerque metro had its fastest rent rate of increase in five quarters.
- Rent is expected to finish 2024 at $15.10 in the Albuquerque metro.
VACANCY
Distribution / Warehousing
Average Vacancy Rate 8.4%
- Lowest in the Southwest region, thirty-ninth lowest in the nation.
- Fell by 110 basis points.
- Expected to finish 2019 at.
RENT
Distribution / Warehousing
Average Asking Rent $4.31
- Up 0.5% from year-end 2018.
- Expected to finish 2019 at.