Welcome to the forums. Possibly, but it's also possible that you are peeing a lot because you have high blood sugars. The doctor will probably repeat the test to double check.
Should you be concerned? Well, obviously neither condition should be left untreated, but the degree of concern depends on the degree of the conditions. Did the the doctor give you any figures with the results? I don't know about the albuminuria but for the T2 diabetes they should give you an hba1c figure (eg 50, 60, 70, 80, 100) which is determined by an average of your blood sugar levels over the last 3 months. You need to normalise this (particularly if you have kidney disease, since high sugar levels damage kidneys). Plenty of the folk on here return to normal levels by just reducing the carbs in their diets (T2s can't cope with them).
Here's a useful link by
@JoKalsbeek about T2 and diet.
JoKalsbeek's blog | Diabetes Forum • The Global Diabetes Community
Good luck.