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Albuquerque Commercial Real Estate In-depth
Albuquerque is the largest city in New Mexico. In 2007, Albuquerque ranked as the 32nd-largest city as well as the 2nd fastest growing city in the country. The Albuquerque MSA population includes the city of Rio Rancho, one of the fastest growing cities in the United States, a hub for many master-planned communities which are expe
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Albuquerque Commercial Real Estate In-depth
Albuquerque is the largest city in New Mexico. In 2007, Albuquerque ranked as the 32nd-largest city as well as the 2nd fastest growing city in the country. The Albuquerque MSA population includes the city of Rio Rancho, one of the fastest growing cities in the United States, a hub for many master-planned communities which are expected to draw future businesses and residents to the area.
The largest city in New Mexico, Albuquerque is also its economic center; it accounts for nearly half of the state's economic activity. Part of its success can be attributed to a diverse economic base consisting of government, services, trade, agriculture, tourism, manufacturing, and research and development.
Ranked by Forbes in 2006 as The Nation's Best City for Business and Careers, Albuquerque is a metropolitan area of 820,000 people. Albuquerque lies at the center of the New Mexico Technology Corridor, a band of high-tech private companies and government institutions along the Rio Grande. Larger institutions who call Albuquerque commercial real estate home are numerous and include Sandia National Laboratories, Kirtland Air Force Base, and the attendant contracting companies which bring highly educated workers to a somewhat isolated region.
For nearly a century people have valued Albuquerque for its dry air, which is especially beneficial to those with respiratory problems. Today the city's medical services and facilities are a vital part of the local economy. The year-round sunny weather attracts pleasure seekers as well; more than four million tourists visit Albuquerque each year, to ski the Sandia Mountains and to absorb the city's rich ethnic heritage.
Albuquerque commercial real estate offers a broad range of business incentives to encourage relocation of new businesses and expansion of existing businesses. They range from bonds and funding sources to training programs and tax credits. Expansion Management Magazine said in 2002, "Albuquerque commercial real estate has a gold mine of incentives… The city offers industrial revenue bonds, an investment tax credit, a job training program, no inventory taxes and a technology jobs tax credit."
Among the factors that draw businesses to Albuquerque commercial real estate are the city’s low cost of living (based on cost of labor, energy, taxes, and office space), which in 2004 was ranked the lowest of all U.S. cities; and its highly-educated workforce.
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