On Tuesday, April 1 MVEDA hosted its annual commercial real estate update at the Business in the Borderplex luncheon. Presenters included Kary Bulsterbaum of Steinborn/TCN Commercial Real Estate, Jake Redfearn of NAI 1st Valley Commercial Real Estate and Gilbert Mesa of Industrial Developments International (formerly Verde Realty). Each presented a unique view of the regional commercial real estate market.
Kary Bulsterbaum provided an overview of the factors influencing the real estate market, both residential and commercial. Some of the factors cited included New Mexico’s dependence on federal, state and local government jobs; the increase in multi-family units due to changes in the economy; and the expansions linked to Spaceport America and Union Pacific.
Jake Redfearn provided a very detailed analysis of the current real estate market. His presentation included historical data on lease and vacancy rates for various classifications of commercial real estate; residential permit numbers for the past several years; and map locations of businesses opening in new growth areas.
Gilbert Mesa’s presentation offered a perspective of the growth and infrastructure improvements in Santa Teresa. He pointed out the new investments surrounding the Union Pacific Intermodal Terminal; new improvements in water and wastewater, electrical supply and transportation; and growth in the industrial parks. His presentation included a number of pictures of some of the new development, both industrial and residential.
Mesa also announced that the Union Pacific Intermodal Terminal became operational on April 1. A grand opening ceremony is scheduled for Wednesday, May 28 with Governor Susana Martinez and other elected officials in attendance.
Copies of the three presentations are available on the MVEDA “Presentations” web page. You can also read news coverage from the Las Cruces Sun-News here.
The May 6th Business in the Borderplex Forum will feature noted NMSU Professor Dr. Christopher Erickson. Dr. Erickson will give his annual economic update which is always entertaining and informative. Advance registration is $20.00 per person, payable by major credit card via the secure portal on the registration form. Payment at the door with cash, check or credit card is $25.00 per person. You may register by clicking on “Register Now“.
