July 17, 2014
8:00 a.m. – 2:00 p.m.
Proceeds benefit Explora!
Location: Paa-Ko Ridge Golf Course
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Commercial Real Estate Market Survey
Welcome! It only takes a few minutes. Your information, comments and feedback are important and are helping to inform members, consumers, policymakers and the media.
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June 2014 Commercial Market Trends
June 2014 Commercial Market Trends in New Mexico
View a New Mexico Market Trends Summary Report, which includes June 2014 Market Trends. This report includes total number of listings, asking lease rates, asking sales prices, days on the market and total square feet available.
Disclaimer: All statistics have been gathered from user-loaded listings and user-reported transactions. We have not verified accuracy and make no guarantees. By using the information, the user acknowledges that the data may contain errors or other nonconformities. Brokers should diligently and independently verify the specifics of the information you are using.
Multifamily Sector Dodges Warnings
The multifamily market continues to post strong gains, despite warnings from analysts as early as 2011 saying that the sector was heading for a cool-down from competition over recovering home prices, The Wall Street Journal reports. As mortgage lending continues to be constrained in the single-family housing market, the multifamily market and number of renters continues to soar.
Nationally, rental apartment values are up 14 percent from 2007, according to the Green Street Advisors index, which tracks the performance of listed rental-apartment landlords. Rents and occupancy rates are pressing upward too. In the first quarter, rents rose 0.6 percent – up 13 percent since rents began their upswing in 2009, according to Reis Inc., a real estate data firm. Vacancies have dropped to 4 percent.
One of the strongest rental performers lately: Denver. The city is benefiting from a high-tech and startup scene that has helped press its job growth 2.8 percent in the past year, higher than the 1.7 percent growth nationwide. Its growing job market has promise for its rental market.
For the past five years, Denver’s rents have been on the rise, increasing 20 percent since peak 2007 levels. Still, landlords realize that while the market is hot, they can’t expect to get 10 percent rent increases every year, says Dan Fasulo, managing director of Real Capital.
Also, some analysts worry that oversupply in upscale housing will eventually catch up to the market. As such, some developers are refocusing on adding “workforce housing,” in which monthly rents range from $1.20 to $1.35 a square foot. Workforce housing has less risk than upscale apartments since there is less supply. “If the overall economy does improve, you’ll basically reap the benefits,” says Mike Moran, who leads Allstate’s real estate investment group.
By: Daily Real Estate News (National Association of REALTORS)
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