Albuquerque Industrial Figures Q1 2026

In Q1 2026, leasing fundamentals showed clear improvement compared with a year earlier. Net absorption totaled 487,000 sq. ft., following 587,000 sq. ft. in Q4 2025 and reversing the negative 113,000 sq. ft. recorded in Q1 2025, a year‑over‑year swing of approximately 600,000 sq. ft. Vacancy declined to 3.4%, down 40 basis points (bps) from the prior quarter and 60 bps year over year, reflecting stronger occupancy gains across the market. Availability increased modestly to 4.2%, rising 1.0 percentage point from Q4 2025 and 0.4 percentage points from Q1 2025, as some space returned to the market despite ongoing leasing. Average asking rents trended lower during the quarter, decreasing 3.4% quarter over quarter and 0.8% year over year to $10.64 per sq. ft., consistent with broader market adjustments.

Supply dynamics continued to shift over the year as development activity moved into a pause. All projects that were under construction reached completion in Q1 2026, resulting in total deliveries of 281,000 sq. ft. for the quarter, exceeding the 217,000 sq. ft. delivered in the prior quarter and the 58,000 sq. ft. completed in Q1 2025.