Ranked 9th Overall among fDi magazine’s mid-sized American Cities of the Future 2013-2014, Albuquerque is a diverse and growing metropolitan area of 914,000 people. With more than 310 days of sunshine a year and the highest elevation of any major city in the United States, Albuquerque is not only a great place to live; it is a great place for business.
-Albuquerque Economic Development
Population & Demographics - From 2000 to 2010, the Albuquerque metro area increased 21.6 percent adding 157,428 residents. The metropolitan region has a population of approximately 900,000 people, and strongly in the 25-34 age group. There are over 12,000 people that live within 1 mile of the Downtown core. More than 44,000 commute into Albuquerque’s Downtown to work every day.
Commuting - Ranked the 13th best commute city in the nation, approximately 65 percent of metro residents have a commute time of 29 minutes or less.
Retail Market - Nearly 3,500 people are employed in the retail industry in the greater Downtown region. Retail space reaches nearly 600,000 square feet in the Downtown area alone, with asking rates going for approximately $12-19 per square foot. Vacancy rates for retail space stand at 17.4%.
Office Market - With average leasing rates for Class A and B commercial spaces ranging from $14-19 per square foot, Albuquerque has some of the most affordable commercial office space in the country. Downtown also offers over 2.7 million square feet of office space with fantastic vistas of the Sandia mountains and the volcanoes, with ease of access to Interstates 25 and 40.
Tax Benefits - Continued tax cuts and growing state revenues have improved the state’s tax climate, lowering the tax burden in New Mexico to its lowest rate in 20 years. (Read the 2013 State Business Tax Climate Index here.) Property is assessed at only 33% of its market value.
Energy - According to the U.S. Department of Energy, New Mexico’s energy cost is 7% below the national average, and 19% below the regional average. New Mexico is also one of the nation’s leading energy producers, ranging from oil, natural gas and nuclear to solar, wind, thermal and biofuels.
Market Access - Our proximity to the fastest growing states of Nevada, Arizona, Utah, California, and Texas, as well as ease of access to Mexico, make New Mexico’s biggest city, Albuquerque, an obvious choice for business opportunity.
Development Process - Downtown provides some of the lowest city development fees in the region, which gives us a competitive advantage over suburban sub-markets. It is also a Metropolitan Redevelopment Area, a City incentive to encourage new Downtown development. Downtown also has the City’s most streamlined development approval process. The Downtown 2010 Sector Development Plan established an easy four-step approach to building in Downtown:
- Locate your property on the district map
- Identify which uses are permitted, regulated or prohibited in your district
- Identify the building types authorized for your district
- Apply the building standards applicable to your project
Utilities Infrastructure - Downtown Albuquerque is the 6th best place in the United States to locate a secure data center, according to Princeton, New Jersey-based The Boyd Company. They cite Albuquerque’s “robust bandwidth, telecommunications and power infrastructure, favorable operating cost structures, and established high-tech research base”, as well as our relative immunity to natural disasters.
Fiber Network - We are the crossroads of the 12,000 mile National LambdaRail (NLR), the “network of networks” and a national, advanced optical network running both N-S and E-W. There are no restrictions on usage or bandwidth. The Downtown network is fed from two different locations on the utility company (PNM, the Public Service Company of New Mexico) transmission system, minimizing distruptions in service by providing two feeds. PNM recently also completed a multi-million dollar, world-class upgrade to their Downtown network, allowing for better remote control, monitoring, and visibility by distribution system operators and enabling better response time.
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