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May 2021 Market Trends
Catylist Monthly Reports Show the Latest Vacancy and Absorption for New Mexico Commercial Real Estate
INDUSTRIAL AVG. LEASE RATE
OFFICE AVG. LEASE RATE
RETAIL AVG. LEASE RATE
$9.7 M SF
COMMERCIAL Space for Sale
Office Sector in NM
Includes single-tenant properties, small professional office buildings, downtown skyscrapers, and every office space in between.
New Mexico continues to work to draw businesses to set up shop inside its borders. Each major city has a Downtown which are all actively being developed. Other hotspots in Albuquerque include ABQ Uptown, which includes several office towers in a live/work/play setting and Journal Center, which has large and small office complexes mixed with restaurants and businesses. Several of Albuquerque’s offices have been named favorite work environments due to their open-space and non-traditional atmospheres. Albuquerque’s office vacancy rates are being boosted by realistic but optimistic plans to make the most of Albuquerque’s strengths. Additionally, land also continues to provide more ways to expand the office sector in New Mexico.Search Office Commercial Property Listings
Industrial Sector in NM
Property in this category can be used for construction, repair, trade or manufacturing, production, assembly or processing of finished or partially finished products from raw materials or fabricated parts on such a large scale that capital and labour are significantly involved, and includes any office or other accommodation on the same property.
In New Mexico, the industrial sector is thriving. A focus on technology and drawing businesses to the area has given the industrial sector a boost. This year, Albuquerque showed some of its lowest vacancy rates in this sector. Currently, industrial users are asking for more modern buildings with high ceilings and new systems which could lead to construction in order to accommodate demand. NMSU in Las Cruces is beginning construction on a new industrial park on their campus. The plan calls for building three industry clusters in healthcare, aerospace and digital media. Due in large-part to e-commerce companies, this booming sector is following the national trend in low vacancy rates. Industrial is in demand to the point where build-to-suit options are becoming a go-to option for many companies. This trend doesn’t seem to be slowing down any time soon.Search Industrial Commercial Property Listings
Retail Sector in NM
Buildings which fall under this include pad sites on highway frontages, single tenant retail buildings, small neighborhood shopping centers, larger centers with grocery store anchor tenants, “power centers” with large anchor stores, and outlet malls.
In New Mexico, each major city, developments in commercial real estate are providing additional retail opportunities. For Albuquerque, ABQ Uptown, Nob Hill, and the Cottonwood shopping areas draw locals and tourists alike. Rio Rancho is in the process of developing City Center which will ultimately provide business opportunities for the traditional mix of retail, office, entertainment and dining venues. Las Cruces is working on several developments including the Plaza De Las Cruces and The Amador, a retail facility. Each New Mexican city retains multiple strip-malls and retail opportunities on majors streets and side streets making shopping an eclectic experience for residents and tourists.Search Retail Commercial Property Listings
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