By Jordan Shipley, Associate Broker, Allen Sigmon Real Estate GroupLease rates are up and vacancy is down, two important things all landlords want to hear. For office landlords in New Mexico, these are two promising trends that have continued for the past few quarters to round out 2019. Average asking rates in Albuquerque came in at $18.76 per square foot, full service, according to Collier’s fourth-quarter 2019 Albuquerque office market report. Colliers also noted this was the first …
By George Chronis, Senior Advisor, SVN/Walt Arnold Commercial BrokerageNew Mexico retail has been negatively impacted by the state’s stay-at-home order due to the coronavirus. The retail industry was looking pretty promising with robust sales and leasing activity in 2019 and at the beginning of 2020 – New Mexico included. I thought we were off to a good start with several developments near completion, several in progress and several more to begin in 2020. The full economic impact of …
By Riley McKee, Advisor, NAI Maestas & WardIf summarized in one word, New Mexico’s industrial real estate market can best be described as undersupplied. Steady increases in demand, combined with a dearth of new construction, have resulted in record-low vacancy rates in Albuquerque, Las Cruces and Santa Fe – the state’s primary metropolitan areas.A string of noteworthy projects are underway in Albuquerque. Food products supplier Ben E. Keith Foods is building a …
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 …
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 …
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 …
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 …
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 …
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 …
[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 …
