Downtown’s office vacancy takes a turn (for the better)
Stephanie Guzman-Barrera
Reporter
Albuquerque Business First
For years, Albuquerque's biggest employers left Downtown for submarkets they thought were more suitable for their businesses. Those submarkets include business centers like as Journal Center and Uptown.
But with Molina Healthcare settled in and ABQ Health Partners set to move into 63,000 square feet Downtown, CBRE New Mexico reports it appears Downtown's story is about to turn around.
Its second quarter office market report highlights Downtown as an area to watch. Though Downtown's office vacancy is second highest in the city at 34.9 percent, CBRE points to the area's growing appeal.
"We anticipate other expansions within the Downtown submarket during the coming quarters," the report reads, which was written by researcher Atsuko Poelman. "The efforts to revitalize the Downtown area by public and private sectors seems to be a contributing factor in attracting occupiers."
With significant investments in the convention center, a new entertainment district, more coffee shops, breweries and a new grocery store opening Downtown, the neighborhood does appear to be improving.