New Companies Bring Larger Needs for Multifamily Housing to Albuquerque
Albuquerque is a hidden gem. It isn’t a huge market when compared to places like Seattle, Austin or Denver, but that doesn’t mean there isn’t room for growth and development.
The Urban Land Institute predicts Albuquerque’s development will trail other metros with stronger economies in 2018. But there are positive trends and developments for Albuquerque and the surrounding areas, which can make us competitive.
A new Facebook data center was built in Los Lunas, a 30-minute drive from Albuquerque. This has created new jobs for the Los Lunas and Albuquerque areas. Anywhere from 800 to 1,000 workers go through the data center every day, and 80 percent of them are from New Mexico.
The center will have a $2 billion impact on the state and metro areas, leading to more jobs and opportunities for the region. Albuquerque will also take part in the “Facebook Community Boost Program.” The program helps the community by offering free workshops, business training and networking to boost careers.
More companies like Facebook can be recruited to New Mexico as long as we make the area business-friendly and retain talent so everyone can succeed. With more jobs and opportunity, there will be an immediate need for housing. Albuquerque has a lower cost of living, so finding housing that fits a family or individual’s budget is easier than in bigger markets.
There is a great need for studio apartments. Young professionals and students find studio living very appealing. It is affordable, packed with amenities like free WiFi and utilities, and usually centrally based so major areas are easily accessible. Allen Sigmon Real Estate Group owns two renovated motels that were converted to studio living. Both complexes are typically more than 90 percent occupied.
— By David Miles, director of marketing, Allen Sigmon Real Estate Group. This article first appeared in the May 2018 issue of Western Real Estate Business magazine.