Vacancy rate on Albuquerque industrial buildings rose slightly

Posted at: 10/22/2012 9:01 AM
By: The Associated Press

ALBUQUERQUE, N.M. (AP) - The vacancy rate for industrial buildings in the Albuquerque metro area rose slight during the third quarter.

The Albuquerque Journal cites a report by Grubb & Ellis New Mexico that put the rate for the third quarter at 10 percent. That's up from 9.7 percent in the preceding quarter and 9.9 percent in the third quarter of 2011.

The local industrial market had an average vacancy rate of 7.4 percent in 2006-09. It first passed the 10 percent threshold in the third quarter of 2010.

The Grubb & Ellis New Mexico report says the vacancy rate would have decreased slightly had Schott Solar had not closed its factory in Albuquerque this summer.

Another firm has outlined plans to occupy the building, but no deal has been signed yet.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)