2023 Office Space Rent & Sales
- $20.12 2023 Avg. Asking Rent
- 3.16% Y-o-Y Avg. Asking Rent Change
- 9.52% 2023 Office Vacancy Rate
Albuquerque office price per square foot in 2023 was $20.12 on average. This marked a +3.16% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 9.52% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Albuquerque Class A & A+ Office Space$22.45
- Albuquerque Class B Office Space$18.09
- Albuquerque Class C Office Space$11.50
- New Mexico Class A & A+ Office Space$22.45
- New Mexico Class B Office Space$18.11
- New Mexico Class C Office Space$20.08
Albuquerque, NM Office Asking Rents by Class
Average office rent in Albuquerque rested at $20.12 per square foot in 2023. 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 $22.45 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.09 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $11.50 per square foot, on average. Comparably, statewide New Mexico average office rents by class in 2023 were: $22.45 per square foot for class A office space; $18.11 per square foot for class B office space; $20.08 per square foot for class C office space.
2023 Office Vacancy Rates in Albuquerque
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Albuquerque - I-25 Corridor | $21.64 | 10.94% |
| Albuquerque - Northeast Heights | $20.42 | 2.21% |
| Albuquerque - Midtown | $19.71 | 8.67% |
| Albuquerque - Downtown | $19.69 | 18.70% |
| Albuquerque - Airport | $12.41 | 3.30% |
Office Spaces for Rent in New Mexico
Coworking Spaces in New Mexico
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2023 Office Construction in Albuquerque, NM
- Albuquerque, NM Total SF completed in 2023 34,000
- Albuquerque, NM Total SF under construction in 2024 30,492
During 2023, 34,000 square feet of new office space were delivered across the market. At the close of 2023, the Albuquerque office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 34,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 30,492 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Paseo Nuevo Office Complex | 8220 San Pedro NE, 87113 | 123,000 | 2008 |
| Jefferson Plaza | 4041 Jefferson Plaza, 87109 | 77,276 | 2008 |
| 6201 Hanover Rd. NW | 6201 Hanover Rd. NW, 87121 | 5,320 | 2008 |
| 4601 Paradise Blvd. NW | 4601 Paradise Blvd. NW, 87114 | 11,154 | 2007 |
| Jefferson Green at Journal Center | 7601 Jefferson Street NE, 87109 | 81,000 | 2006 |
| West Mesa MOB | 10511 Golf Course Rd., 87114 | 45,343 | 2006 |
| Cottonwood Professional Office | 3730 Ellison Road Northwest, 87114 | 2,806 | 2006 |
| 6330 Riverside Plaza Lane | 6330 Riverside Plaza Lane, 87120 | 36,872 | 2005 |
| Altura Office Building | 4101 Indian School Road NE, 87110 | 110,000 | 2004 |
| 10421 Research Road SE | 10421 Research Road SE, 87123 | 52,873 | 2004 |
Worth noting among recent office completions on the Albuquerque market is Paseo Nuevo Office Complex, which is currently the largest new office development in the city, at 123,000 square feet.
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.