The suburban office market, with 8.2 million sf, showed negative absorption of 44,000 sf and a vacancy rate of 12.9%.
Few companies moved out of the city in 2001, but many tightened their belts, creating sublease space within their buildings, the report says.
''The 2002 marketplace is shifting toward a tenant's market and renters can expect more landlord concessions,'' Grubb & Ellis notes. ''In general, office vacancy rates are expected to rise slightly in 2002.''
Albuquerque's economy will continue to be energized in 2002 by two companies -- Intel, which is continuing its $2 billion expansion on the west side and Eclipse Aviation.
Eclipse Aviation is manufacturing the Eclipse 500, a six-seat, twin-engine jet that sells for less than $1 million and will begin delivering them in 2004, the report notes.
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