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Office landscape changes lead to flexible space in Uptown


Flexible office space is now available for rent in an Uptown-area building.

ALLEN SIGMON REALTY GROUP


In the wake of the Covid-19 pandemic, the office landscape has transformed. With increased remote work the norm for many professionals, companies have had to rethink the traditional office setup. This shift has led to a rise in demand for flexible office spaces and shorter-term leases as businesses strive to optimize operations in an uncertain environment.

This trend can be seen on the third floor of the Lewis University building at 2440 Louisiana Blvd. NE. 

Thomas Mortensen, associate broker at Allen Sigmon Realty Group, said a counseling agency called A Child’s Voice recently vacated the building, leaving 23 offices available for rent. The building is ideal for people who want to get out of the home office, are solo practitioners such as attorneys, therapists and counselors or who need a small group space, he said.


Available offices range from 118 to 8,000 square feet. Monthly rent starts at $700 and goes up to $1,450 for individual offices. Minimal cosmetic renovations were recently made to the vacant space.

“The demand that we're seeing right now from office users is flexibility,” Mortensen said. “Some of the demand for the executive suites are groups that just need a single office but want a Class A office presence. So, it's the individuals that want a high-dollar presence in a great looking office space."



Office space ranges from 118 to 8,000 square feet inside the building at 2440 Louisiana Blvd. NE.

ALLEN SIGMON REALTY GROUP


Although vacancy rates for Class B and Class C office space is fairly high, rising construction costs are making "tenant improvements harder to pencil," Mortensen said. Many companies are looking for sites that are close to being a perfect fit, he added.

With a vacancy rate of 12.1% for local Class A office space, according to a CBRE market report, Mortensen said his day-to-day challenge is figuring out how to “accommodate the needs of tenants to get them the right amount of space at a price that works for them.”

Trends such as "flight to quality," whereby businesses shift their focus away from expansive spaces and toward high-quality office environments, are becoming more prevalent, Mortensen said.

"I get work from home works for some people, but what we're seeing from a lot of groups is they're having a really hard time with work culture and with training,” Mortensen said.”So, a lot of these groups are looking for a balance.”

Despite the numbers, Mortensen said office vacancy rates in Albuquerque are still better off than larger markets such as San Francisco, which currently boasts a vacancy rate of 35.6%, according to a Q4 CBRE market report. 

As of today, 2440 Louisiana Blvd. NE is 95% occupied. Mortensen said his goal for this year is to get the building fully occupied. 


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