Albuquerque Journal (Albuquerque, NM)

Metro real estate market waiting and watching.

Byline: Diane Velasco and Michelle Pentz Journal Staff Writers

The Albuquerque-area office market is flat with tenants essentially trading space, the industrial market tight and new retail construction stalled for the time being with the exception of a hot spot on the West Side.

Those are some of the conclusions on Albuquerque's commercial real estate market performance in the third quarter of 2000, according to a recent Grubb & Ellis/Lewinger Hamilton Market Insight report released today.

After a blossoming in retail development in the second quarter of this year, the bloom has shriveled in the third quarter, which ended Sept. 30. Even so, forecasts for the fourth quarter indicate a resurgence in construction.

Duke City retail vacancy rates spiked at a one-year high in the second quarter at 11.5 percent but dropped to 10.5 percent (excluding regional centers) by the end of the third quarter. Power center vacancy was "healthy" at 2.1 percent; strip center vacancy clocked in at 13. …

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