The future of commercial real estate in Albuquerque
It is no secret that New Mexico’s commercial real estate market has lagged behind other regions in the southwest when it comes to growth. However, performance with retail and multifamily housing is in line with historical averages. Because of this, it is increasingly important for entrepreneurs and real estate investors to carefully analyze the potential of real estate, particularly distressed properties in order to make sound business decisions.
A recent Commercial Property Executive report found that Albuquerque’s core submarkets are showing signs of growth, buoyed by job gains in the educational and health services markets. The region’s aging population means that the health care industry is poised to be the state’s primary driver in the job market.
Additionally, the region’s $119 million rapid transit system is expected to drive additional growth and new real estate projects on and around historic Route 66. Facebook’s data center being built in Los Lunas is another example of future growth that could have a positive impact on the region.
Even with positive indicators about the future of commercial real estate in Albuquerque, a commercial real estate transaction should be reviewed by an experienced real estate attorney. A skilled lawyer will have questions surrounding the financing (i.e. construction or renovation loans), how a loan will be repaid, and how zoning and use regulations may affect a potential development, to name a few.
If you have questions about legal issues in the course of a commercial real estate transaction, we invite you to contact us.
The preceding is presented for information purposes only.