Land/Industrial – 2024 Q3 Market Review
Industry News | Investment | Land & Industrial
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.
After a brief stabilization, vacancy is on the rise again
Research and Analytics provided by Riley McKee, CCIM, SIOR
For a third consecutive quarter, the vacancy rate for industrial real estate in Albuquerque has set a new five-year high. Now at 4.24%, the share of properties in the market available for lease continues to grow but is still below the national vacancy rate which sits somewhere between 5% and 7%.
The total of vacant industrial space is just over 1,700,000 square feet, up about 250,000 square feet from the second quarter of this year. The lion’s share of this increase is tied to a single property located at 245 Woodward Rd. SE which alone added 112,000 square feet of space to the market. This continued a trend mentioned in previous editions of this report wherein larger, bulk distribution and manufacturing properties are disproportionately impacting the vacancy rate.
