Copyright © 2021 Albuquerque Journal BY STEPHEN HAMWAY
For the first time in years, Albuquerque developers have started building industrial space on a large scale without having tenants lined up, which may mean relief is on the horizon for the city’s notoriously tight industrial real estate market.
“It’s finally been pushed over the edge … in terms of getting developers to pull the trigger on projects without necessarily having leases in place,” said Riley McKee, senior advisor for NAI SunVista in Albuquerque.
SunVista’s most recent quarterly report on the industrial market, published in late October, shows the industrial vacancy rate has dropped lower than ever, to 1.39%, after years of decline.
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