Albuquerque Office Market Update
The 60 basis point jump in vacancy this quarter was a modest increase and within normal ranges. Unfortunately this increase brought the office vacancy into record territory and is at the highest level yet since the new millennium began. A majority of the increase is attributed to just over 90,000 square feet of space being vacated by two companies. Cardinal Health and Lovelace Health Plan both shuttered their operations as a result of a business unit transfer and an acquisition by another health plan.