2019 Q4 Retail Market Report

Summary Albuquerque retail markets improved in 2019. Net absorption was up despite store closures around town. Median asking lease rates remained around $14/SF while community centers are the only property type to record a higher lease rate. Activity in the Albuquerque MSA continues to grow with the most active sectors being the experiential retailers, which include fitness, food and entertainment users. The most exciting examples are the Top Golf breaking ground on their only New Mexico location in February along Interstate 25 and Montano Blvd. The booming Westside was excited to announce Chuze Fitness, Defined Fitness and another Planet Fitness in it’s boundaries. Current retailers are making strides to draw the consumers needing experience based retail. Another retail project in the works is Nuevo Atrisco, a Westside mixed-use project city and county officials say is needed in the area, broke ground on Central Avenue and Unser Boulevard in April. The project is developed by Maestas Development Group. Substantial changes are underway in the restaurant industry. Third-party delivery services are profoundly changing consumption patterns and also impacting a restaurant’s geographic reach. How should restaurant operators adjust their site selection criteria in the era of third-party delivery services? Call us to discuss! Retail_Q4 Market Review_Website