Latest news with #AlbuquerqueRegionalEconomicAlliance
Business Journals
01-07-2025
- Business
- Business Journals
CBRE report: Why Albuquerque poses an opportunity for businesses seeking expansion or relocation
CBRE has proudly partnered with the Albuquerque Regional Economic Alliance for the past five years to highlight the top reasons why businesses should consider locating or expanding in the Greater Albuquerque region. The Greater Albuquerque Talent and Industry Profile, a joint report, provides a comprehensive overview of the numerous opportunities available in the area, including a highly skilled workforce, a low cost of doing business, an excellent quality of life, local and state incentives, and a strong emphasis on educating the future workforce. These advantages, combined with a solid understanding of commercial real estate trends, can help new companies navigate market dynamics, recruit talent, and relocate top employees to the area. Across various property types, there are many positive market indicators worth considering. Office In recent years, the federal government has vacated large blocks of space in quality buildings throughout the Albuquerque area. This release of real estate has introduced over 200,000 square feet of new high-quality B+ and A-Class office space. Since office development in Albuquerque has softened since 2007, this new influx of office product resembles a wave of new development, prompting some existing tenants to explore their options. As a result, many tenants are not merely 'right-sizing' but are instead 'right-locating,' seeking sites that support the return of their workforce to the office while also aiding in the recruitment of new employees. Industrial As the industrial market navigates the current market complexities, it has become increasingly clear that New Mexico must be proactive and prioritize site readiness to capitalize on the strong demand for industrial space driven by onshoring, reshoring and interest in tertiary markets. Considering that there is very little available industrial inventory (nearly 4% vacancy rate), New Mexico must invest in making sites 'shovel-ready' to take full advantage of leasing momentum. This includes preparing land with essential utilities, transportation access, and creating an atmosphere that encourages swift development. By prioritizing site readiness initiatives, the state can position itself as a hub for logistics, manufacturing, and renewable energy sectors. Land The land market in New Mexico remains stable, with consistent activity and interest from large national companies and local businesses and developers looking for growth opportunities. Interest in specific product types has shifted in recent years, but overall velocity in the land market remains strong due to market incentives and the availability of large land tracts near the metropolitan area. However, the lack of development-ready sites with access to existing infrastructure continues to be an obstacle that needs to be addressed to ensure continued growth in the market. Like many areas across the county, significant activity is occurring in site selection for data centers and renewable energy production. This trend is driven by the increasing demand for technology and the recent explosion in AI. Data center sites are significantly influenced by their proximity to power availability — both existing and future — and the availability of large land sites, typically 100-plus acres. Additionally, renewable energy development remains robust, with multiple sites spanning several thousand acres under construction in the state and dozens more under contract for purchase. We anticipate that interest in data center and renewable energy sites will continue to grow in the future. Capital markets The investment market in Albuquerque is showing signs of recovery in 2025, following a slow 2024. Interest rate volatility and tariff concerns previously kept investors on the sidelines, but clarity on these issues has now drawn them back in. Transaction volumes are increasing, and investors are seizing opportunities in industrial, office, and retail properties, particularly those with potential for value-add upgrades. Regarding capital availability, numerous sources of debt are accessible for virtually every project seeking funding in today's environment. However, despite the abundance of capital, interest rates remain higher than in recent years, resulting in lower loan amounts to maintain the lender required 1.25X debt service coverage level. As the impact of tariffs becomes clearer and the timing of interest rate cuts emerges, a substantial number of investors are poised to enter the market as there is more 'dry powder' on the sidelines than ever before in history. In summary, the Greater Albuquerque region stands out as a vibrant and promising environment for businesses seeking expansion or relocation. With the right resources and support from partnerships like that of CBRE and the Albuquerque Regional Economic Alliance, companies can thrive in this dynamic market, paving the way for sustained economic growth and success in the years ahead. To review the Greater Albuquerque Talent and Industry Profile, please visit CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate and investment firm (based on 2024 revenue). To learn more, visit . The following authors contributed to this article:
Yahoo
24-04-2025
- Business
- Yahoo
Albuquerque Regional Economic Alliance celebrates 65th year
ALBUQUERQUE, N.M. (KRQE) – The Albuquerque Regional Economic Alliance (AREA) is a public charity that aims to grow and diversify the economic base of Albuquerque. Story continues below Community: NM Dancewear closes its doors for good, leaving hole in dance community Food: Los Ranchos restaurant named best spot for brunch in the state by Yelp Crime: ABQ woman frustrated, two vehicles stolen from hospital parking lot days apart Film: Do you recognize these 'El Camino: A Breaking Bad Movie' filming locations? AREA is holding its Building a Regional Economy event on May 15, from 3 – 5 p.m. at Revel Entertainment. The event highlights the economic growth of the greater Albuquerque area. The event will include a screening of a short documentary produced by Comcast. The film highlights the economic growth and features local businesses and community leaders. Special guests at the event will also have a chance to share their stories and experiences. For more information on AREA, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
18-04-2025
- Business
- Yahoo
Economic development officials tout business competitiveness to national site selectors
Apr. 17—Real estate expert Mark Urbanowicz's first impressions of Albuquerque? Good infrastructure, a beautiful environment offering balanced quality of life and a unique place to do business. He and three other commercial real estate officials from outside of New Mexico joined a Thursday luncheon hosted by the economic development organization Albuquerque Regional Economic Alliance, or AREA, at Albuquerque Academy to learn more about the metro area's investment potential from local executives. This week, AREA drove the out-of-state visitors around town to tout the city's business competitiveness. AREA CEO and President Danielle Casey at the luncheon described the tour as letting the visitors "get to know what's going on and kind of look under all the rocks and learn about the market and understand what we're doing to really advance our economic development ecosystem." AREA also took the real estate officials to local events like an Isotopes game and golfing, which Urbanowicz said is an important factor business leaders consider when setting up shop somewhere. "What's going to be more important in attracting business and attracting talent in the future will be quality of life," said Urbanowicz, an executive managing director with Vestian. Chad Matheson, senior vice president for AREA, broke down some state and metro-area economic and jobs statistics for the visitors at the luncheon, particularly highlighting the growing market for research and development. In terms of job count in the Southwest, New Mexico has the fourth-largest R&D market and it grew 23% from 2018-2023, he said. "From a research and development perspective, really honing our core competencies and material sciences is one that I feel we have a tremendous potential in," Matheson said. In addition to science and technology-related fields, the state has a demand for professionals in health care, manufacturing and construction, finance and insurance, and education, Matheson added. Officials with Central New Mexico Community College, Presbyterian Healthcare Services and Sandia National Laboratories attended the Thursday event as well to explain some of their program offerings to the visitors, from quantum computing partnerships to health care simulation labs. "There's likely some way that we can work with just about anybody," said David Kistin, manager of technology and economic development at Sandia Labs. This was site selector Jeffrey Garza Walker's fourth tour of Albuquerque, initially coming to the state six years ago to consider its business opportunities. He's the executive vice president and managing principal of SRS Real Estate Partners and lives in Phoenix. It's exciting to see New Mexico "starting to move forward with your initiative" to become a hub of economic development, Garza Walker said. He said it's important for an area to be ready for big companies to move in to, pointing to site readiness and a strong labor force as being key. "One company can change the whole dynamic. And I believe you've got the right people in the room that are trying to get you ready for that," Garza Walker said of AREA.
Yahoo
07-04-2025
- Business
- Yahoo
AREA Showcases Albuquerque's Business Advantages at Space Symposium in Colorado Springs
Albuquerque, NM, April 07, 2025 (GLOBE NEWSWIRE) -- To enhance greater Albuquerque's standing as a premier hub for the Aerospace industry, the Albuquerque Regional Economic Alliance (AREA) is participating in the 40th annual Space Symposium April 7-11 in Colorado Springs, Colorado in conjunction with the New Mexico Economic Development Department, the New Mexico Partnership, and key industry and commercial real estate leaders like NewSpace Nexus, Sandia National Laboratories, and Spaceport America. The 40th Space Symposium brings together spacefaring nations, space agencies; commercial space businesses and associated subcontractors, allowing the Albuquerque region to position itself as a location of choice for new investment to a variety of relevant stakeholders within this important industry sector. 'New Mexico's aerospace ecosystem continues to thrive and attract significant attention,' said Melinda Allen, President/CEO of New Mexico Partnership. 'As we move into 2025, we are eager to strengthen our partnerships across the state and highlight the unique opportunities New Mexico offers for innovation and growth in the aerospace industry. This event presents a valuable opportunity to further our efforts in positioning the state as a key player on the global stage.' With more than 20,000 professionals employed in aerospace job clusters and key facilities like Kirtland Air Force Research Laboratory, Sandia National Laboratories, and nearby Los Alamos National Laboratory, the greater Albuquerque region leads New Mexico in aerospace employment. It also ranks as the second most concentrated metro in the Southwest for aerospace industry jobs. 'Aerospace and aviation technologies are key drivers of both our regional and global economy,' said Danielle Casey, President & CEO of the Albuquerque Regional Economic Alliance. 'In collaboration with the State of New Mexico and regional industry partners, we are actively promoting our region's strengths and tailoring them to meet the specific needs of the space industry. This remains a top priority for us, positioning Albuquerque as a premier destination for investment in aerospace and aviation operations.' 'Once a classified cradle of defense R&D, Space Valley is now a dynamic, collaborative ecosystem accelerating breakthroughs in space technology and commercialization. Those who have discovered this best kept secret are already reaping the rewards of an ecosystem that was born to nurture and scale space companies,' said Randy Trask, Executive Director of Q Station. To learn more about the Aerospace industry in greater Albuquerque and the State of New Mexico, visit CONTACT: Danielle Casey Albuquerque Regional Economic Alliance 505-705-3785 dcasey@
Yahoo
02-04-2025
- Business
- Yahoo
Albuquerque Regional Economic Alliance CEO staying true to New Mexico when it comes to development
ALBUQUERQUE, N.M. (KRQE) – If you look into the strategic planning and development happening in the largest city in New Mexico, at the forefront of that movement, you will find the Albuquerque Regional Economic Alliance. This week Chad Brummett sat down with AREA President and CEO, Danielle Casey, to talk about her 20 years of experience developing cities like Sacramento and Scottsdale, what she learned there on redirecting resources to data rather than lobbying, how to go about staying true our city while growing, and doubling down on the thing that makes our city special: it's cultural identity. Learn more about AREA Mexico Frontiers Digital Show is KRQE New 13's online exclusive web series, giving viewers a more detailed look into how the state is making waves in the Aerospace, Bio-science, Renewable Energy, Digital Media and Film, and Advanced Manufacturing communities. For more segments on prior stories, visit the New Mexico Frontiers page by clicking this link. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
