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Quarterly Reports

Land/Industrial – 2026 Q3 Market Review

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Vacancy edges lower as availability declines for smaller spaces

Greater Albuquerque’s industrial vacancy rate declined from 4.83% to 4.65% during Q3 2026. Available space decreased across all size categories below 30,000 square feet, while a small number of large vacancies continue to account for most of the unoccupied space.

The 535,000 square-foot facility at 9201 San Mateo Blvd. (which came back to market in Q2) accounts for nearly half of the roughly 1,095,000 square feet available in the North I-25 Corridor* submarket. Vacancies of this scale in a market of Albuquerque’s size have an outsized impact on the total amount of unleased space.

Last year’s reports highlighted increasing availability of smaller industrial spaces. This trend seemed to reverse in Q3 as available space in units up to 20,000 square feet declined approximately 14%, from 774,014 to 665,968 square feet while availability also declined in the 20,001 – 30,000 square-foot category.

Lease Report: Q3 2026 Land & Industrial Quarterly Lease Report

Sale Report: Q3 2026 Land & Industrial Quarterly Sale Report

The Land and Industrial Q3 market research and data is compiled by NAI SunVista commercial real estate land and industrial specialist, Riley McKee. Riley advises industrial and logistics real estate owners and occupiers on leasing, acquisitions, and dispositions.

Retail – 2026 Q3 Market Review

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Retail Rents Hold Steady as Vacancy and Investment Pricing Diverge

Albuquerque’s retail market experienced a modest shift in fundamentals during the third quarter of 2026. While asking lease rates remained remarkably stable, retail vacancy increased toward quarter-end, driven in significant part by several larger retail spaces entering the market. Meanwhile, the investment market experienced greater differentiation between multi-tenant and single-tenant net lease (STNL) assets, as rising Treasury yields placed additional pressure on commercial real estate underwriting. Despite these developments, the broader market continues to demonstrate resilience, with performance increasingly dependent on location, tenant credit, and property-specific fundamentals rather than broad market movements.

Albuquerque’s retail asking lease rates remained largely unchanged throughout Q3, reinforcing the pricing stability observed during the previous quarter. Average asking rates began July at $18.87 per square foot, increased marginally to $18.89 in August, and finished September at $18.80. The lack of meaningful movement suggests landlords have largely maintained their pricing expectations despite fluctuations in available inventory.

Download Full Report: Q3 2026 Retail Market Report

The Retail Q3 market research and data is compiled by NAI SunVista commercial retail specialist, Ethan Melvin. Ethan advises industrial and logistics real estate owners and occupiers on leasing, acquisitions, and dispositions.

Land/Industrial – 2026 Q2 Market Review

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Sale price growth is evident in the vacant owner/user market

The last edition of this report celebrated four consecutive quarters of median asking sale prices for industrial real estate exceeding $130 per square foot. That positive trend has now accelerated: the median asking price rose to $150.53 per square foot by the end of the second quarter.

This increase compares favorably to the lease market for industrial real estate, where median asking lease rates have flatlined. The most likely cause is the imbalance between space available for sale vs. space available for lease. About 520,000 square feet is currently listed for sale. Almost four times as much (1,965,000 square feet) is being marketed for lease.

Lease Report: Q2 2026 Land & Industrial Quarterly Lease Report

Sale Report: Q2 2026 Land & Industrial Quarterly Sale Report

The Land and Industrial Q2 market research and data is compiled by NAI SunVista commercial real estate land and industrial specialist, Riley McKee. Riley advises industrial and logistics real estate owners and occupiers on leasing, acquisitions, and dispositions.

Retail – 2026 Q2 Market Review

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Q2’26 Recap: Stable Fundamentals Continue as Investment Inventory Expands

Albuquerque’s retail market continued its fundamentally healthy performance through the second quarter of 2026. While uncertainty surrounding interest rates and the broader economy persists nationally, local retail fundamentals remain remarkably resilient. Asking lease rates held essentially flat throughout the quarter while vacancy remained below 4% for most of Q2, reinforcing the market’s long-standing supply constraints. At the same time, retail investment opportunities increased across both multi-tenant and single-tenant assets without triggering meaningful cap rate expansion. Together, these trends point to a market that has transitioned from rapid post-pandemic growth into a period of equilibrium characterized by stable pricing, healthy tenant demand, and continued investor confidence.

Download Full Report: Q2 2026 Retail Market Report

The Retail Q2 market research and data is compiled by NAI SunVista commercial retail specialist, Ethan Melvin. Ethan advises industrial and logistics real estate owners and occupiers on leasing, acquisitions, and dispositions.

Retail – 2026 Q1 Market Review

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Q1’26 Recap: Stable Vacancy, Premium Spaces Push Prices Upward

Albuquerque’s retail market continued its steady, fundamentally healthy performance through the first quarter of 2026. While many national markets are still working through elevated construction costs, higher interest rates, and evolving consumer spending patterns, Albuquerque has remained comparatively stable, with only modest movement in vacancy and asking rents over the last several quarters.

Retail fundamentals across the metro continue to be driven more by individual deals, corridor quality, and limited availability in high-performing trade areas than by broad market swings. Overall, Q1 reflected a market that remains disciplined, balanced, and resilient rather than overheated or distressed.

Download Full Report: Q1 2026 Retail Market Report

The Retail Q1 market research and data is compiled by NAI SunVista commercial retail specialist, Ethan Melvin. Ethan advises industrial and logistics real estate owners and occupiers on leasing, acquisitions, and dispositions.

Land/Industrial – 2026 Q1 Market Review

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Industrial Vacancy Hits Two-Year Low in Albuquerque

The vacancy rate for industrial real estate in greater Albuquerque decreased to 3.38% at the end of Q1 2026, marking a twoyear low and reinforcing continued supply constraints across the market.

A handful of sizable leases contributed meaningfully to the decline in vacancy:

• 3750 Prince St. SE: 80,000 square feet of first-generation bulk distribution space in the South Valley submarket.
• 8551 Saul Bell Rd. NW: 22,880 square feet of warehousing/manufacturing space in the West Mesa submarket.
• 10500 Copper Ave. SE: 20,740 SF of lab/research & development space in the Southeast Heights submarket
• 4901 Rockaway Blvd. NE: 16,800 SF of office/warehouse space in the Rio Rancho submarket.

To read the full report click the links below:

Lease Report: Q1 2026 Land & Industrial Quarterly Lease Report

Sale Report: Q1 2026 Land & Industrial Quarterly Sale Report

The Land and Industrial Q1 market research and data is compiled by NAI SunVista commercial real estate land and industrial specialist, Riley McKee. Riley advises industrial and logistics real estate owners and occupiers on leasing, acquisitions, and dispositions.

Land/Industrial – 2025 Q4 Market Review

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Vacancy drops below 4% as new leases outpace new vacancies

The vacancy rate for industrial real estate in Greater Albuquerque finished the year at 3.89%, its lowest level since the end of Q2 2024.

Roughly one third of the quarter-over-quarter reduction in vacancy can be attributed to three notable leases:
• 4931 Paseo del Norte NE: 31,000 square feet of bulk distribution space; leased to a local third party logistics (3PL) company.
• 3005 Broadway Blvd. SE: 25,000 square feet of bulk distribution space; leased to BZO Wheels, a Houston, Texas based wholesale distributor of wheels and tires.
• 541 Airport Rd. NW: 74,000 square feet of bulk distribution space leased to a single-tenant industrial occupier.

To read the full report click the links below. 

Download Lease Report: Q4 2025 Land & Industrial Quarterly Lease Report

Download Sale Report: Q4 2025 Land & Industrial Quarterly Sale Report

The Land and Industrial Q4 market research and data is compiled by NAI SunVista commercial real estate land and industrial specialist, Riley McKee. Riley advises industrial and logistics real estate owners and occupiers on leasing, acquisitions, and dispositions.

Retail – 2025 Q4 Market Review

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Q4’25 Recap: Light at the End of Tunnel for New Construction, A+ Sites Remain Competitive

The final quarter of 2025 brought illuminated signs of stronger activity in the retail sector, which I believe will continue into 2026. On a macro level, many believe interest rates will be settling below 6% by year end, contingent upon slowing inflation and additional rate cuts. Locally, several new construction retail projects including, Lobo Crossing and Oxbow Center are gaining momentum with pad and shop space tenants.

The continued theme of positive rent growth was evident in Q4 of ’25, with a jump from $19.01 in September ‘25, up to $19.14 at the end of December ‘25. Rates for prime spaces have remained competitive, while B and C properties tend to remain stabilized. Medical and restaurant users primarily lead the way for premium rents and a similar “flight-to-quality” phenomenon, seen in the office market over the last twelve months, is occurring in the retail category.

Download Full Report: Q4 2025 Retail Market Report

The Retail Q4 market research and data is compiled by NAI SunVista commercial retail specialist, Ethan Melvin. Ethan advises industrial and logistics real estate owners and occupiers on leasing, acquisitions, and dispositions.

Retail – 2025 Q3 Market Review

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Q3’ 25 Recap: Pockets of Opportunity Persist AmongVacancy Pressures

The third quarter saw notable transactions in both the leasing and sales side of the retail market, with several big box spaces across the city backfilled and a handful of multi-tenant retail investments transacting. Also of note, many tenants are continuing to find it difficult to lock in quality spaces, especially in trade areas North of Menaul and on the Westside. The spread between asking rates in premium locations and those in less desirable corridors continues to grow as tenants optimize for higher quality real estate and
demographics.

In the typical fashion seen over the twelve months, retail NNN rates pressed on in Q2 with a positive trend, reflecting an average asking rate of $19.01 in September ‘25, up from $18.54 at the end of June ‘25. As mentioned in previous editions of this report, the West side, North of I-40 and the Far Northeast heights commanded the highest rates for second generation space, which generally range from $20 – $30/per foot + NNN. On average, rates for new retail construction, although highly dependent on delivery conditions and size, start in the mid to high thirties per square foot.

Download Full Report: Q3 2025 Retail Market Report

The Land and Industrial Q3 market research and data is compiled by NAI SunVista commercial retail specialist, Ethan Melvin. Ethan advises industrial and logistics real estate owners and occupiers on leasing, acquisitions, and dispositions.

Land/Industrial – 2025 Q3 Market Review

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Surplus of sub-5,000 SF space available; New construction fades away

The vacancy rate for industrial real estate in Albuquerque increased slightly between the second and third quarters of 2025. However, its current level (4.26%) is nearly identical to what it was at the same time last year (4.24%).

The distribution of available space continues to be heavily tilted toward buildings/suites that are 5,000 square feet in size or smaller. Many of the vacant spaces in this category are located in multitenant industrial buildings and industrial parks. Those with layouts that align with conventional industrial tenant requirements (10% – 15% office, 12’+ ceiling heights, overhead door access, etc.) tend to re-lease quickly. Spaces impacted by functional limitations (e.g., too much office space relative to warehouse space), located in challenged submarkets (Downtown and Southeast Albuquerque) or priced based on construction costs are taking longer to fill.

Rent payments for newly built space in this size range can range anywhere from $14/SF to $16/SF, which outpaces the median asking lease rate by 20–30%.

The median asking sale price for vacant/owner-occupied industrial buildings in Albuquerque held steady between the second and third quarters of 2025 at $136.35 per square foot. That said, the market was considerably more active in the third quarter than in prior quarters this year.

Download Lease Report: Q3 2025 Land & Industrial Quarterly Lease Report

Download Sale Report: Q3 2025 Land & Industrial Quarterly Sale Report

The Land and Industrial Q3 market research and data is compiled by NAI SunVista commercial real estate land and industrial specialist, Riley McKee. Riley advises industrial and logistics real estate owners and occupiers on leasing, acquisitions, and dispositions.

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