ALBUQUERQUE, NM-Looking for a market that will actually improve nextyear? You only need to look at the multifamily rental market in this city.

“Albuquerque’s multi-housing market continues to remain strong,” says a report by Grubb & Ellis.

“The current overall occupancy rate of 94% is expected to improve by 2% in 2002,” the report notes. “Average rental rates are back up to mid-1990s levels of $0.73 per sf without utilities and are expected to increase in 2002 by 3.5% to 5%.”

The most expensive rental units are found in Albuquerque’s downtown, at $0.90 per sf.

Grubb & Ellis notes that more than 600 units are under construction in the area, and two major properties — the 161-unit Villa de San Felipe and the 70-unit Lofts at Albuquerque High, which are tied into the CBD’s redevelopment — have waiting lists of more than 300 people.

While Downtown is hot, most of the construction activity pales in the northwest and southeast submarkets. There would be more going on in the northeast and northwest markets, but for a lack of land, the report says.

“Investors will be taking a serious look at the multi-housing real estate market in 2002,” Grubb & Ellis predicts. “Decreasing interest rates combined with rising occupancy and rental rates has allowed the expectations of buyers and sellers to merge. Albuquerque should see more sales in 2002 than in the last few years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Fall 2022Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.