Word is getting out about NM opportunities

Over the years, I’ve held many different titles, but by far my favorite one is “dad.”

It seems the older I get, the more I want my kids to find opportunities to work and raise their families here in New Mexico. I get nervous when I hear stories of our adult children taking jobs in Arizona, Utah, Colorado and Texas. I love New Mexico. This state has given me so many wonderful opportunities, and has provided the backdrop for my business partner and my commercial real estate development success. New Mexico has so much to offer, and it seems others are recognizing that more and more as well. NAIOP New Mexico is committed to continue to make New Mexico a place where businesses will want to locate here and thrive, where families can come and find great housing and quality of life. Commercial real estate is a vital component in all of that.

2022 was a great year for commercial real estate and the NAIOP New Mexico members. Brokers were busy leasing and selling, architects were busy drawing, engineers were busy engineering, contractors were busy building, bankers were busy lending, and city officials were busy counting all the tax revenue. Industrial vacancy was at a record low. Multi-family vacancies were low and rents were up. Our office market fared better than a lot of larger metro areas and our retail market continued its climb out of the COVID doldrums. New employers and retailers entered our market along with a new hotel brand under construction in Uptown. I can’t remember a time when I’ve seen this many cranes dot the Albuquerque skyline. Word is getting out how special New Mexico is.

All this growth and opportunity doesn’t come without its challenges. Supply chain issues have plagued new construction projects as construction timelines have been extended and budgets have increased, due to material shortages worldwide. Who would have thought an electrical transformer would take 6 to 10 months to get? Labor supply has also been down thus increasing costs significantly. Almost every business owner I know is trying to find employees. On top of that interest rates are rising, making capital for projects more expensive. Crime and homelessness have been hard on commercial properties. Private security has become a new line item for many commercial property budgets.

Despite these challenges I have witnessed many in our business community come together this year to combat these issues and put our communities’ needs above their own wants. This has been an inspiring year. I have seen many of you come together in a spirit of non-partisanship to put aside political parties and instead focus on good policies. I have seen good Republicans and Democrats sit at tables to come up with solutions that help businesses in New Mexico. I have seen the planning department and other city employees making efforts to establish a “can-do” culture. I am inspired by those who have chosen to put aside the differences we have and instead focus on the things we have in common. Crime, education, and economic development truly can be non-partisan issues and my heartfelt thanks goes out to all those working to find common sense solutions on these fronts without politicizing them.

I am grateful for the chance to have served as the president of NAIOP New Mexico this year. It has been a great one and I’m thankful for all the NAIOP New Mexico members do for our community. Watching you has been so uplifting. It gives me hope that together we can keep our economic development momentum going and continue building a community my kids will want to come back to. Have a great 2023!

Lance D. Sigmon is principal at Allen Sigmon Real Estate Group LLC.