Albuquerque Journal (Albuquerque, NM)

Office Vacancy Rates Turn the Corner.(Business)

Byline: Diane Velasco Journal Staff Writer

Further Drop Is Forecast

Albuquerque office vacancies will move downward in 2001. Industrial space will remain tight and retail space will continue to grow, predicts commercial real estate company CB Richard Ellis Inc. in a report released Tuesday.

The office rental rates should increase for the first time since 1996, said CB office specialist David Genrich. Overall vacancies in the market will decrease from 12.74 percent in 2000 to about 11 percent by year-end, he said.

The office market had a volatile year in 2000, but vacancy rates settled at the lowest level since 1998, thanks in part to several large blocks of space being leased in the north I-25 submarket and Downtown. …

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