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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.

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.

Retail – 2025 Q2 Market Review

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Duke City Retail Remains Resilient and Landlord-Favorable

The tariff saga mentioned in the Q1 iteration of this report has yet to have a dramatic impact on the retail market in Albuquerque, although the long-term effects are still uncertain. Despite cooling in asset classes like industrial & multifamily, retail has remained resilient and continues to be a desirable asset class to investors, both local and national.

Retail NNN rates jumped in Q2 to an average asking rate of $18.57 in June ‘25, up from $18.32 at the end of March ‘25. On the west side areas, including the Southwest Mesa, asking NNN rates are above the city-wide average with a rate $20.84/psf at the end of June ‘25. As may be expected, east side asking NNN rates are closer to the city-wide average, with a figure of $18.30/psf.

Download Full Report: Q2 2025 Retail Market Report

The Land and Industrial 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 – 2025 Q1 Market Review

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Q1’25 Recap: Core Retail Remains a Hot Commodity, Investment Inventory Stacks

In national news, the winner of the trending topic of the quarter is…Tariffs! While not a subject of this quarter’s update, the potential ramifications of Tariffs on the retail landscape in Albuquerque are significant and directly impact the sales expectations of national, regional, and local businesses. Pending the stickiness of the new policies, I expect more significant shifts in the metrics reported here in the future.

Retail NNN rates have remained in the $17.84 – $18.42 range since data collection for this report began in April of ’24. This is primarily affected by the available inventory and not a larger force moving asking rates significantly in one direction or the other. In the Taylor Ranch, Ladera, Ventana, Cottonwood, and Paradise Hills trade area, rents have slightly ticked up over recent months. As of March ’25, the average asking NNN rate in these trade areas is $21.68, whereas the average for the Eastside of Albuquerque sits at $17.70 at the close of Q3.

Download Market Report: Q1 2025 Retail Market Report

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

Retail – 2024 Q4 Market Review

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Research and Analytics provided by Ethan Melvin

Q4 ‘24 Recap and 2025 Market Outlook: What’s Next?

The fourth quarter of 2024 brought a handful of notable occurrences that have and will continue to affect the commercial real estate market: The election of Donald Trump as the next President of The United States, two additional .25% cuts to the federal funds target rate, a 100 bps rise in the 10-year treasury rate, and several bankruptcy/store closure announcements from national retailers.

While Albuquerque generally remains insulated from the major highs and lows experienced in primary and secondary markets, the effects are not entirely unnoticeable in The Duke City. Conn’s and Walgreens announced store closures in Q4 of ’24, with Conn’s locations on Albuquerque’s Westside becoming available for lease and three Walgreens East of the River now available for lease. Despite rising vacancies (primarily comprised of big-box spaces), well-positioned retail spaces under 3,000 square feet are in high demand from national and local tenants, especially those available West of the River and North of I-40 on the Eastside. Food/Beverage and service-based retailers are the most active tenants in terms of space absorption. By and large, spaces with existing restaurant infrastructure are incredibly desirable, not only because of the increase in consumer spending in the food/beverage category but also because of the time and capital necessary to convert a non-restaurant space.

Retail spaces West of the Rio Grande River come with higher prices per square foot regarding lease rates. This is primarily due to the Westside having stronger demographics, significantly more residential growth, and more modern construction than the Eastside of Albuquerque – In turn, it is much more common for landlords to achieve NNN rents in the $30+/per square foot range West of the Rio Grande.

Download Market Report: Q4 2024 Retail Market Report

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

The Return to Office and to Retail

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In early June, Jones Lang LaSalle’s CEO Christian Ulbrich reported the Return to Work “Worst is Behind Us.”  Headquartered in Chicago, Illinois, Ulbrich went on to say he is seeing 65% of its employees return to the office full time.  According to a CNBC report, Dallas, Houston and Charleston, SC are markets where office occupancy is more substantial because those cities didn’t have as strict lockdown policies in the past few years.  However, workers in other markets, especially on the coasts, are still reluctant to return.  As a measure of tracking employee attendance at the office, some employers are “tracking office badge attendance” and confronting workers who are not complying with company policy.  Albuquerque has been “back to the office” for well over a year now.  That said, the pandemic did cause attrition of due to Covid health risks, early retirements, and care duties, including working moms who found staying at home with their children beneficial to both themselves and their families. 

In addition to returning to the office, consumers are returning to dining out and brick-and-motor shopping.  Although recent macroeconomic changes and wider societal and technological innovations have led to shifts in shopping behavior, brick-and-mortar locations remain the primary channel for consumer purchases in the United States.  This is true for both retail and office locations.  Foot traffic analytics, which reveal how consumers behave in brick-and-mortar retail outlets, can provide critical insights into current consumer preferences. Landlords can use this information to their benefit to best understand who is visiting their retail and office buildings.  Are the visitors the Tenant employees who come and go daily, or are they customers and clients of the Tenants?  Here at NAI SunVista we have the ability to help Owners, Landlords and Tenants track such traffic.  If this is of interest to you, simply reach out to me and I will be happy to run the numbers for you! 

Shelly Branscom, CCIM is an NAI SunVista commercial real estate specialist who provides substantial long-term strategies and business planning services to her clients.  She prides herself on thinking outside the box, enabling her to contribute unique solutions and outcomes specific to each of her clients.  Learn more about Shelly and her listings.  

NAI SunVista is a full-service commercial real estate company serving New Mexico since 1996. The company is a dynamic commercial real estate firm offering best-in-class real estate services in brokerage, property management, asset management, business brokerage and development services.

Commercial Real Estate Bustling

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Deals were made and relationships built at ICSC Las Vegas, the planet’s largest retail conference, which drew a number of Santa Fe and Albuquerque commercial real estate agents and mall/shopping center operators.

And Las Vegas, Nev., could well be where the companion tenant to Dutch Bros on the former Cheeks location ends up having been found.

The big ICSC Las Vegas conference, held in mid-May, was the first in three years due to the coronavirus pandemic. The world has changed since then, in ways that were not predictable during the lockdown of 2020.

Turnout for ICSC had not totally recovered, with 22,000 attendees rather than the usual 33,000 and more, but retail “speed dating” was as vivid as ever.

“I definitely have more business than I can handle at this time,” Tai Bixby said. “Southwest Cerrillos Road, all of that, is slated for build-out in the next

“You were able to connect more with people this year,” Genieve Posen, an adviser at NAI SunVista, an Albuquerque commercial real estate firm with a Santa Fe office. “We were in scheduled meetings, but we were able to get impromptu meetings with retailers we didn’t get to meet with before the pandemic. I would call it speed dating in its most honest form.”

For decades, ICSC was the International Council of Shopping Centers, but last year the organization changed its name to Innovating Commerce Serving Communities.

The group brings together retailers, brokers, developers, builders, city officials, investors and tech people. Brokers take their best elevator speeches to woo retailers who don’t quite measure Albuquerque and Santa Fe at the same level as Phoenix, Denver and Dallas.

Read the whole article here in the Santa Fe New Mexican.

For more information on commercial real estate opportunities throughout New Mexico contact Tai Bixby & Genieve Posen.

Icon Cinemas to take over former Montgomery Plaza theater

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By Ron Davis – Reporter, Albuquerque Business First
September 15, 2021

The show will go on at Montgomery Plaza.

More than a year after Cinemark Movies 8 announced it was closing at Albuquerque’s Northeast Heights shopping center, Icon Cinemas will take over the space at 4591 San Mateo Blvd. NE later this year.

Scott Goodman, a vice president at Goodman Realty Group, which is the landlord of Montgomery Plaza, confirmed the deal to Business First.

“When the word was that this [property might be coming back on the market], [Icon] jumped on it immediately … because how many times does a vacant movie theater come on the market for sale when you’re trying to expand a movie theater?” Goodman said.

Goodman anticipates Icon will open in late November or early December as some minor renovations are completed.

NAI SunVista’s Keith Meyer, Alex Pulliam and Jim Wible were the listing brokers and represented Goodman Realty in the transaction. Pulliam confirmed to Business First that Icon closed on its deal earlier this month.

Click here for the rest of the Albuquerque Business First story.

 

NAI SunVista advisors Keith Meyer, Jim Wible and Alex Pulliam were the listing brokers and have this to say about the project:

Keith: “This was a challenging opportunity in that the location, zoning and parking were very desirable, but the special purpose building with the sloping floors to facilitate the cinema use made it difficult to determine if the property could cost effectively be redeveloped or if it should be torn down. Ultimately that decision didn’t have to be made as the Buyer was looking to expand with their novel cinema offering. The good news is that the Buyer and Seller and the consumer will all be beneficiaries of this opportunity. “

NAI SunVista is a full-service commercial real estate company serving New Mexico since 1996. The company is a dynamic commercial real estate firm offering best-in-class real estate services in brokerage, property management, asset management, business brokerage and development services.

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