Albuquerque Commercial and Office Space Overview
The most populous city in the state of New Mexico, Albuquerque is one of the oldest cities in the American southwest and a powerhouse of culture and commerce. While founded as a Spanish colony in 1709, Albuquerque has a deep-rooted history as an outpost for several native tribes, but became a farming community and military stronghold post-colonization. The influences of native, Spanish, and western cultures have brought a unique confluence of culture, art, and cuisine to this desert city that continues to influence the entire country.
Today, Albuquerque’s main exports are centered around military and technology, with education following closely behind. Thanks to a bevy of military contractors, high-tech firms, and semiconductor manufacturing in the area, the need for highly educated workers is paramount to the region’s economic well-being, making it a rich trove for technology, science, and engineering companies seeking an affordable alternative to larger coastal cities. With a median cost per square foot/year sitting at a comfortable $21, Albuquerque has plenty of space and flexibility for businesses of all sizes.
Economy of Albuquerque
At the centerpiece of the New Mexico Technology Corridor, Albuquerque holds a heavy presence of private, high-tech firms in addition to several military contractors to service the nearby Kirtland Air Force Base. Intel, Northrop Grumman, and Tempur-Pedic all have a foothold in the Albuquerque region, but Kirtland AFB, University of New Mexico, and Sandia National Laboratories are the leading employers in the city.
Routinely ranked as a leading city for business, careers, life, and education, Albuquerque’s reputation as an excellent landing spot for talented new graduates and experienced professionals continues to this day - despite its relatively isolated location in the center of New Mexico.
Albuquerqueans enjoy a median household income of $49,878 - well above the state average. And with average home prices resting below $200,000, Albuquerque is among the most affordable cities of its size in the country, leaving it a very viable option for families seeking their first home or young professionals looking to begin their careers.
Trends of Albuquerque
Hundreds of new developments are popping up or have been recently completed in Albuquerque, mostly centered around the city’s central core and on the western side of the Rio Grande River. Combining mixed-use spaces with retail and commercial, these new constructions add hundreds of thousands of square footage to the city’s already ample real estate portfolio. Most notably, several projects that span multiple buildings and city blocks are underway, vowing to drastically reimagine the city’s landscape. These properties should offer businesses ample opportunity to innovate in this exciting southwestern metropolis.
Where to Lease Commercial Real Estate in Albuquerque
While the city is spread across a massive area of 190 square miles, the primary source of commerce, retail, and business lies within Albuquerque's center in the Downtown area, making it a prime location for companies seeking high visibility. But for larger, most adaptable spaces, Alameda North Valley and Uptown are fine candidates for businesses with more complex needs.