{"id":1004165744,"date":"2017-02-07T23:35:49","date_gmt":"2017-02-08T07:35:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004165744"},"modified":"2025-02-26T23:29:01","modified_gmt":"2025-02-27T07:29:01","slug":"yardi-matrix-albuquerque-seeks-its-footing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-albuquerque-seeks-its-footing\/","title":{"rendered":"Yardi Matrix: Albuquerque Seeks Its Footing"},"content":{"rendered":"<p>By Anca Gagiuc<\/p>\n<div id=\"attachment_1004154295\" style=\"width: 410px\" class=\"wp-caption alignright\"><a href=\"https:\/\/internal.multihousingnews.com\/wp-content\/uploads\/sites\/46\/2017\/02\/Albuquerque-rent-growth.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004154295\" class=\"wp-image-1004154295\" src=\"https:\/\/internal.multihousingnews.com\/wp-content\/uploads\/sites\/46\/2017\/02\/Albuquerque-rent-growth.jpg\" alt=\"Albuquerque rent evolution, click to enlarge\" width=\"400\" height=\"171\" \/><\/a><p id=\"caption-attachment-1004154295\" class=\"wp-caption-text\">Albuquerque rent evolution, click to enlarge<\/p><\/div>\n<p>Albuquerque\u2019s multifamily market continues its ponderous recovery from the Great Recession. Population growth is slow, employment growth remains well below the 2.3 percent national average and its crime rate remains among the highest in the country.<\/p>\n<p>Job gains have been limited, focused in the mining, logging and construction, leisure and hospitality, and education and health services sectors. Promising news, however, comes from Los Lunas, south of Albuquerque, where Facebook\u2019s new data center broke ground recently, a project with a projected economic impact of nearly $2 billion over a 10-year period. Furthermore, RIO Real Estate Investment Opportunities started construction of what will become New Mexico\u2019s largest rail-served industrial park, which is also considered a central connection between Southern California and Chicago.<\/p>\n<p>Investment slowed and the transaction volume registered a 56 percent year-over-year drop due to a series of factors that include the feeble population growth and reduced expansion of stock. Construction also decelerated after reaching a cyclical high in 2015, with a development pipeline of 2,400 units, almost 700 of which are under construction. The office market has nearly one-quarter of all space vacant. However, the growth in the number of office-using jobs, the expansion of several companies downtown and the first new construction point to improvement.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/185-Albuquerque-Winter2017Outlook?utm_medium=Research-Center&amp;utm_source=CPE&amp;utm_campaign=185-Albuquerque-Winter2017Outlook\" target=\"_blank\" rel=\"noopener noreferrer\">Yardi Matrix report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The city\u2019s multifamily market continues its ponderous recovery from the Great Recession.<\/p>\n","protected":false},"author":237,"featured_media":1004165745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,1577,21808,21742,37795,15],"tags":[],"class_list":["post-1004165744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","category-albuquerque","category-featured","category-latest","category-rc-occupancy","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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