2020 Office Space Rent & Sales
- $19.15 2020 Avg. Asking Rent
- 4.84% Y-o-Y Avg. Asking Rent Change
- 11.82% 2020 Office Vacancy Rate
- $20M2020 Total Office Sales
- $85.92Avg. Sale Price/Sqft
Albuquerque office price per square foot in 2020 was $19.15 on average. This marked a +4.84% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 11.82% across all asset classes combined. The 4 transactions that closed here throughout 2020 amounted to a total sale volume of $20M. Albuquerque office space commanded an average sale price per square foot of $85.92.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Albuquerque Class A Office Space$21.81
- Albuquerque Class B Office Space$17.87
- Albuquerque Class C Office Space$12.97
- New Mexico Class A Office Space$21.62
- New Mexico Class B Office Space$18.37
- New Mexico Class C Office Space$13.20
Albuquerque, NM Office Asking Rents by Class
Average office rent in Albuquerque rested at $19.15 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Albuquerque averaged $21.81 per square foot. Across all submarkets, class B office space recorded an average asking rent of $17.87 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $12.97 per square foot, on average. Comparably, statewide New Mexico average office rents by class in 2020 were: $21.62 per square foot for class A office space; $18.37 per square foot for class B office space; $13.20 per square foot for class C office space.
2020 Office Vacancy Rates in Albuquerque
|Submarket||Asking Rents||Vacancy Rates|
Albuquerque Office Sale Price per Sqft
Albuquerque, NM Sale Price per Sqft Trend
- Albuquerque Avg. Sale Price per Sqft in 2020$85.92
- New Mexico Avg. Sale Price per Sqft in 2020$85.92
2020 Office Sales Volume
- Albuquerque, NM Total Office Sales Volume in 2020 $20M
- Albuquerque, NM Total Number of Office Sales Closed in 2020 4
Largest Albuquerque Office Sales in 2020
|SunPort Corporate Center - 2501 Buena Vista Drive SE||2501 Buena Vista Drive SE||10/30/2020||$7,886,000|
|Conejos Office Park||6700 Jefferson Street NE||9/9/2020||$5,750,000|
|4580 Paradise Blvd NW||4580 Paradise Blvd NW||1/15/2020||$4,100,000|
|Candelaria Business Center||3401 Candelaria Road NE||6/30/2020||$2,304,000|
2020 Office Construction in Albuquerque, NM
- Albuquerque, NM Total Sqft completed in 2020 52,000
- Albuquerque, NM Total Sqft under construction in 2021 45,000
During 2020, 52,000 square feet of new office space were delivered across the market. At the close of 2020, the Albuquerque office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 52,000 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 45,000 square feet of office space to the market, before year-end.
|APIC Solutions Headquarters||3801 Paseo del Norte NE Blvd, 87113||45,000||2021|
|Winrock Town Center - Level 2||2100 Louisiana Blvd NE, 87110||68,000||2020|
|New Mexico Mutual Headquarters||5201 Balloon Fiesta Pkwy, 87113||58,000||2017|
|Lovelace Medical Group at Independence Square||6701 Jefferson Street NE, 87109||43,200||2017|
|DaVita Medical Group Sunport Healthcare Center||2901 Transport Street SE, 87106||85,726||2016|
|3010 Monte Vista Blvd NE||3010 Monte Vista Blvd NE, 87106||30,000||2016|
|3010 Monte Vista Blvd NE||3010 Monte Vista Blvd NE, 87106||28,379||2016|
|Presbyterian Medical Group - Paradise||4588 Paradise Blvd NW, 87114||25,874||2016|
|10801 Golf Course Road NW||10801 Golf Course Road NW, 87114||37,918||2014|
|ICE - Albuquerque||5441 Watson Drive SE, 87106||71,100||2012|
Worth noting among recent office completions on the Albuquerque market is APIC Solutions Headquarters, which is currently the largest new office development in the city, at 45,000 square feet.
See reports for nearby markets
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Albuquerque commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.