Albuquerque’s Office Market Sees Positive Absorption, New Construction

New Mexico’s office market has held steady along with the rest of the country throughout 2017. New development in areas outside of metro Albuquerque, like the Facebook development in Los Lunas, is attracting retail- and service-related businesses.  [caption id="attachment_204775" align="alignright" width="100"] Scott Whitefield, Colliers[/caption] While it remains to be seen what this means to the general commercial real estate industry, it is encouraging to see increases in activity …

Albuquerque’s Industrial Market Sees Strong Absorption From Warehouse, Manufacturing Users

The metro Albuquerque industrial market reported more than 39 million square feet of total industrial space as of year-end 2017. [caption id="attachment_204757" align="alignright" width="100"] Joel White, Walt Arnold Commercial Brokerage/SVN[/caption] The two largest categories of occupied space were warehouse/distribution (12.5 million square feet with 5.5 percent vacancy) and manufacturing (12.55 million square feet with 3.5 percent vacancy). The overall market vacancy rate at the end …

New Mexico’s Retail Market Gives Steady Performance

The New Mexico commercial real estate market continues to be a safe play for owners and developers in the Southwest. Albuquerque, which contains 50 percent of the state’s population, continues to drive the market with more than 80 percent of the commercial real estate transactions. [caption id="attachment_204772" align="alignright" width="100"] Jim Dountas, CBRE[/caption] A moderate supply-demand imbalance currently exists. This imbalance will allow vacant real estate to be matched up …

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. [caption id="attachment_204768" align="alignright" width="100"] David Miles, Allen Sigmon Real Estate Group[/caption] 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 …

Albuquerque’s Office Market Struggles to Recover

The New Mexico office market heart is found in Albuquerque. During the first quarter of 2017, the Albuquerque office market has seen an increase in activity from local companies looking for newer and updated spaces, but not necessarily more space. The office market has been the last to see any type of recovery after the recession. The vacancy rate remains steady at about 21 percent. Continuing through 2017, we anticipate moderately positive absorption. Albuquerque remains over-built and …

Albuquerque Multifamily Prices Rise on Heels of Rental Rate Increases

The New Mexico multifamily market, more specifically Albuquerque, recorded an impressively strong 2016 with vacancies dropping below 5 percent. Asking rents have increased for three consecutive years, fueling the investment market both in volume and prices. [caption id="attachment_181841" align="alignright" width="100"] Cynthia Meister, Colliers International[/caption] Employment grew by 2,700 jobs in Albuquerque last year. More than 2,000 of those were added in the fourth quarter, making …

Millennials Lead the Way in New Mexico’s Multifamily Market

[caption id="attachment_132613" align="alignright" width="150"] Debbie Harms, NAI Maestas & Ward Commercial Real Estate [/caption] Multifamily housing is coming of age in New Mexico, and the Millennial generation is spurring the growth. The old adage of “location, location, location” is ever present as the placement of a property in relation to cultural, educational, entertainment and natural amenities becomes a major factor in the value of the property. The ability to walk and bike to …

New Mexico’s Industrial Market Looks for Solid Footing

[caption id="attachment_132275" align="alignright" width="150"] Tom Franchini, Colliers International[/caption] The industrial market had a notable year in 2014. Vacancy declined 270 basis points from the first quarter of 2014 where nearly 1 million square feet of space was absorbed. It has been more than seven years since absorption has registered similar figures. The primary factor driving last year’s success was a handful of large deals with more than 50,000 square feet. The supply of …

Retailers Expand, Enter New Mexico

[caption id="attachment_131376" align="alignright" width="150"] Glenn Wright, Sperry Van Ness / Walt Arnold Commercial Brokerage Inc.[/caption] The New Mexico retail market is continuing to change in a positive manner, which bodes well for property owners and businesses. There are new national, regional and local tenants looking at this market, moving in and around the shopping centers of New Mexico. New shopping centers are being built, while existing shopping centers are being redeveloped …

New Mexico's Industrial Market Attracts New Companies

Southern New Mexico’s industrial market, specifically Dona Ana County, remained stable throughout 2013. We project solid growth in this arena for 2014. We have not seen much growth in the first quarter of 2014, though the industrial market has remained stable. Rents have also remained about the same. They have decreased in some instances as landlords compete for the few new tenants entering the market. Fortunately, Southern New Mexico has experienced an uptick as a few companies …

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