Albuquerque Commercial Real Estate News

Albuquerque Commercial Real Estate Report 2.1.10 – Super Bowl Edition

Last week we discussed the “For Lease” office market as well as my predictions for the Super Bowl.  Did 8 years in the NFL and 2 playoff games pay off in my game day forecast?  Listen below to find out…

Click HERE to listen to the Real Estate Report for 2.1.10

Bob Clark, News Radio 770 KKOB: Walt, you wanted to talk about the “For Lease” office market.  What do you have for us?

Walt: 2009 was an up and down year for the Metro Office market.  The overall vacancy rate was the highest in recorded history at 18.1%.

On the flip side the office market actually grew by 454,000 sf or 3.8%, thanks to Fidelity Investments 108,000 sf, and the 53,000 sf Aperture building, both in Mesa Del Sol, and HP’s 218,000 sf building in Rio Rancho.

The median asking lease rate in the metro office market is $16/sf/yr.  Asking rates for Class A is $22.50/sf/yr, Class B-$19/sf/yr and Class C is $15/sf/yr.

Bob: The high vacancy rate must be pushing these rates down.  What is going to happen with the actual lease rates this year?

Walt: Our asking lease rates are holding up well but Landlord’s are competitive both to acquire new tenants and retain existing ones.  Blend and extend strategies will continue with Landlords making concessions now and Continue Reading Albuquerque Commercial Real Estate Report 2.1.10 – Super Bowl Edition…