Local Implications for Albuquerque, New Mexico
Industry News | Office | Quarterly Reports
Bringing this national economic information closer to home, Albuquerque can anticipate a positive outlook for 2024. The leveling of inflation coupled with lower interest rates is projected to enhance performance compared to 2023. As tenant leases expire, the consideration of flex-work and right-sizing will continue, influencing a re-design of workplace footprints to cater to the evolving needs of employees seeking a more experiential work environment.
Leasing is expected to remain steady, with an uptick in sales and new owner/user construction contributing to Albuquerque's overall commercial real estate inventory. The scarcity of quality products in today's economy remains a challenge, prompting buyers and sellers to find a middle ground on pricing, financing costs, and construction expenses. Most buyers are inclined to update their newly acquired buildings before occupancy.
In conclusion, 2024 is anticipated to be a highly favorable year for commercial real estate in Albuquerque. Whether you're considering expansion, ownership, or navigating current market conditions, I invite you to reach out. Let's discuss the opportunities available to you and create a strategic plan for your commercial real estate future.
By Shelly Branscom, CCIM
