Although the Albuquerque industrial market has seen minimal improvements in vacancy and availability rates in the past 12 months, these numbers don’t tell the full story.    Both the vacancy rate and the availability rate, 9-10% and 11-12% respectively, do not adequately quantify the amount of good, functional industrial space available in the market.    As users currently in the market continue to upgrade facilities and take advantage of more cost effective lease rates, the few available functional facilities in the market are disappearing.    It’s likely that even more industrial users will soon face the option of doing nothing or paying greater lease costs due to the cost of new construction.