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Pandemic’s Solution for Housing Crisis?

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by Shelly Branscom, CCIM 

Just weeks ago, downtown business districts were bustling with people working in their offices, meeting up for lunch, and comingling for happy hour.  No longer.  Once thriving Central Business Districts are facing silent streets, empty offices, and only a few social gatherings.

What can those once thriving Central Business District offices and hotels become?  With the abundance of vacant commercial real estate we will likely begin seeing vacancy transform into what we are most desperately clamoring for: housing.

The nation is experiencing an unprecedented housing shorting, causing bidding wars and driving home prices to all-time highs.  These repurposed buildings could become opportunities to increase the much needed supply of residential real estate.

But wait…..many of these vacant office and hotel buildings are located in the crowded city centers, from which many residents are fleeing for suburban and rural areas.  Even if these spaces are converted to residences, will people want to live in them?  Time will tell.  However, America’s business districts are poised for a metamorphosis.

Trust me, the office sector is not dead and it is not going away.  However, it will change over time.  Some office buildings could become flex buildings with a few office floors, a few residential floors and retail on the ground floor.  Others will remain in their current state with vacancy sprinkled throughout.

We know we cannot work from home forever.  Many employers will move to a hybrid schedule of employees working part time in the office and part time at home.  Others will downsize headquarter locations and turn to the Hub and Spoke model.  While others will increase their footprint to accommodate for social distancing in the workplace.

Hotels are experiencing less than 50% occupancy today, leaving many not be able to sustain business through and past the COVID-19 virus.  One thing is true, we all like to travel for leisure and businesses need to travel for production.  Hotels will be rented again.  It will just take some time to get back to pre-coronavirus occupancy levels.

Hotels may be even more attractive to convert to housing than office buildings as they are already divided into individual spaces complete with their own bathrooms.  They typically already include common spaces such as a gym and/or a pool and parking.

As previously mentioned, we will not see the full impact of the office occupancy until Tenant leases expire.  Most Tenants have three to five years left on their lease terms.   Much can happen between now and then.  Yes, some businesses will close.  However, more will open and lease vacant office space.

The office and hotel sector metamorphosis will take some time to unfold.  In the meantime, Landlords with properties in Central Business Districts are collaborating with developers to begin strategizing how they might be able to convert unused space to meet the demand of the housing crisis.

Shelly Branscom, CCIM is an NAI Maestas & Ward commercial real estate specialist that provides substantial long term strategies and business planning services to her clients.  She prides herself on thinking outside the box, enabling her to contribute unique solutions and outcomes specific to each of her clients.  Learn more about Shelly and her listings.   

NAI Maestas & Ward is a full-service commercial real estate company serving New Mexico since 1996. The company is a dynamic commercial real estate firm offering best-in-class real estate services in brokerage, property management, asset management, business brokerage and development services.

High Industrial Demand Sparks Overhaul of Former Event Center

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By Ron Davis – Reporter, Albuquerque Business First
July 17, 2020

A large, multicolored building that held family fun and birthday parties years ago will get a big makeover — and a much different tenant.

The building last occupied by It’Z at 4595 San Mateo Blvd. NE will now be marketed to industrial tenants to meet the demand for industrial space in Albuquerque.

Click here for the rest of the Albuquerque Business First story.

The Landlord, Goodman Realty has tasked the  NAI Maestas & Ward brokerage team of Keith Meyer, Jim Wible, and Alexandra Pulliam to find the next occupant of the space.

The property is now on the market for lease, presenting a compelling opportunity for tenants seeking high-quality industrial assets.

Click here to see the property flyer.   

Teeing it up with DJ Brigman

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Tom Kite, American professional golfer, golf course architect and Hall of Fame member, once said, “Discipline and concentration are a matter of being interested.”

In the game of golf, and the game of commercial real estate, I think we can all say that DJ Brigman “is interested”.  DJ is a driving force and pleasure to work with.  Whether he is teaming with you or opposite you, there is never a question of his integrity or ability.  He is an honorable man, husband, father and member of our commercial real estate team.

We are pleased to announce that through a combination of teeing it high, letting it fly, following through, navigating the rough and reading the greens, DJ has birdied the first hole and advanced to Senior Advisor.

To celebrate this tremendous achievement we sat down (virtually) with DJ to learn a little bit more about his thoughts on Commercial Real Estate and who he is inside and outside of the office.

Q:     What did you do before your career in commercial real estate, and what skills or experiences have transitioned with you?

A:    Prior to being in commercial real estate, I spent 17 years traveling the world playing professional golf. I have been able to win 9 professional golf tournaments, play in three U.S. Opens, and play 4 years on the PGA Tour. What professional golf taught me is that no one is going to hold you accountable except yourself. You have to find the inner drive to work hard, persevere, and do the work even when it feels like you’re not making progress. I take the same attitude and resilience with commercial real estate. You can spend countless hours on a deal only to see it crater. However, how you choose to react going forward ultimately sets the stage. I choose to look at the positive lesson learned, apply it and move on.

 

Q:     What part of being a new broker and new to the industry did you find most challenging?

A:     The most challenging part is learning the business and accepting mistakes along the way. During my first six months I felt like I was drinking out of a fire hose. Everyday I was learning and growing.

 

Q:     What do you enjoy most about being a commercial real estate broker?

A:     I enjoy that every day is different. Like golf, each day you tee it up you don’t know the results that are coming your way. You have to learn to accept those results and keep improving.

 

Q:     Who has influenced you the most?

A:     I have been fortunate to have a great team around me. Our CEO Debbie Harms has put everything in place to make the brokers at NAI Maestas & Ward successful. It ultimately boils down to whether you want to do the work to be successful. I also have a great partner/mentor in Dave Hill. He has been in the business 24 years and brings a wealth of knowledge that he shares with me. I have no doubt that without these things I would not be where I am in this short of time.

 

Q:     How do you approach risk?

A:     To me risk is opportunity waiting for someone to come along and challenge it. I am not afraid to make mistakes. I have learned and grown more through adversity than I have through accomplishment. Accomplishment is confirmation that I am on the correct path.

 

Q:     How have you remained successful and hurdled the COVID challenges in your real estate world?

A:     I have remained successful through COVID by listening and communicating. I took an early lead to reach out to clients and let them know that I was working and available for any questions that they had. I also sent them articles on ways to get PPP loans, trends happening in the market, and updated local decisions related to commercial real estate.

 

Q:     What advice would you give someone considering a career in CRE?

A:     I would advise them that the road is not easy, but the reward is worth the climb.

 

Q:     How do you spend your time outside of work?

A:     I like to fish, cook, workout, and spend time with my family. I have three children and a fantastic wife. I missed quite a bit when I was traveling and playing professional golf. I chose commercial real estate so that I could be more available in their lives.

 

Q:     Do you have a personal “mantra” or philosophy that you can boil down to one phrase?

A:     What resonates with me is “I am pleased, but not satisfied.”

 

We are proud to have such a talented and driven broker among our ranks.

DJ  Brigman is a Senior Advisor in our Office Division. For more information on his properties click here. For more on DJ, check out this video.

Small Businesses Act Now!

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by Shelly Branscom, CCIM 

With all of the adjustments small businesses have had to make over the past few months, some good news is always welcome!

For those small businesses in New Mexico, please make note, June 30th is the new deadline to take advantage of the Paycheck Protection Program (PPP). What does that mean for you, the small business owner? Its great news for those local businesses throughout New Mexico, through the partnership of the Economic Development (EDC), and the US Small Business Administration (SBA) as significant changes to the PPP will benefit those approved for the loan programs. Businesses have better options with the changes when implementing the approved dollars with the Paycheck Protection Program.

Below is a brief summary of the changes to the PPP and SBA loan programs. I strongly suggest consulting your CPA before making any decisions regarding these programs.

Businesses can reopen at their own pace – businesses have until December 31, 2020 to restore employees to pre-pandemic levels. No provision on hiring previous employed staff.

60 percent of the monies can be distributed for payroll. (previously 75%) Payroll for some businesses is less than the amount needed for other expenses such as mortgage and rent. (For example; small boutique retailers, galleries and back office businesses)

New loans now require a five year repayment and 24 weeks to use the PPP dollar amount provided.

If your business is still under the COVID-19 restriction, this is a great opportunity to utilize the PPP and assist in the transition of moving toward its final phases. I share this information with YOU and businesses throughout New Mexico because I want to see all of us come out of the pandemic economically stronger and working toward a better, brighter and healthier future!

Links with details of the PPP and the SBA loan programs: SBA.GOV

Links to SBDC New Mexico COVID-19 Counseling and Training programs: NMSBDC.ORG

Shelly Branscom, CCIM is an NAI Maestas & Ward commercial real estate specialist that provides substantial long term strategies and business planning services to her clients.  She prides herself on thinking outside the box, enabling her to contribute unique solutions and outcomes specific to each of her clients.  Learn more about Shelly and her listings.   

NAI Maestas & Ward is a full-service commercial real estate company serving New Mexico since 1996. The company is a dynamic commercial real estate firm offering best-in-class real estate services in brokerage, property management, asset management, business brokerage and development services.

The Land of Enchantment—a Market Primed for Industrial Development

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By Riley Mckee, NAI Maestas & Ward Industrial Real Estate Advisor. An article featured in the May 2020 Western Real Estate Business Magazine by NREI.com. 

If summarized in one word, New Mexico’s industrial real estate market can best be described as undersupplied. Steady increases in demand combined with a dearth of new construction have resulted in record low vacancy rates in Albuquerque, Las Cruces, and Santa Fe—the state’s primary metropolitan areas.

In Albuquerque, a string of noteworthy projects are underway. Ben E. Keith Foods, a Fort Worth based supplier of food products, is building a 260,000 square foot regional headquarters and distribution center to service markets throughout the region. FedEx Freight recently opened a 95,000 square foot distribution center strategically positioned on a 50-acre site to expedite planned expansions. Brunacini Development, the city’s largest industrial landlord, just completed a 140,000 square foot multi-tenant distribution center anchored by Bunzl, a London based food packaging distributor. Finally, and perhaps most notably, Kairos Power, a nuclear energy firm, acquired a 110,000 square foot research and development facility after a nationwide site selection process. It plans to expand the facility (which sits on 35 acres) as part of an incentive package agreed to with the state.

Las Cruces is seeing strong development activity as well, specifically in Santa Teresa, an international Port of Entry 21 miles south of the city. W. Silver Recycling, which processes nonferrous metals, recently announced plans for a 120,000 square foot facility touting the advantage of being located near markets in Mexico. Electrical wiring manufacturer Admiral Cable is expected to complete a 195,000 square foot facility this year on a site that is well suited for intermodal transport. A few miles south in Sunland Park, NM, Stampede Meat is in the process of renovating and expanding a processing facility previously owned by Tyson Foods.

This activity is certainly welcome, but it represents a drop in the bucket when compared to statewide demand for development of industrial space. Albuquerque’s vacancy rate is currently at a historic low, hovering between 2.5 and 3 percent since 2018. Most remaining available space is functionally obsolete, which some nimble developers have astutely retrofitted for users with urgent needs. Santa Fe’s market is even tighter—as of this writing, only 40,000 square feet of space is available.

 

      

While primary markets throughout the United States have enjoyed a consistent influx of new construction, New Mexico’s industrial real estate portfolio has not kept pace. This is partially a consequence of the state’s tertiary market nature but is also explained by its position relative to other states during economic cycles. Impacts of the last recession were not felt locally until several years after the fact while evidence of recovery has only recently become apparent. To investors and developers active in markets at their peak, this presents a compelling opportunity. New Mexico’s growth trajectory is only beginning.

Though COVID-19 has blindsided markets worldwide, industrial real estate users are expected to escape its most devastating impacts, unlike their retail and office counterparts. Demand for robust and efficient supply chains is as strong as ever.

To read the entire article from Western Real Estate Business Magazine (Pg. 29), click here

Riley McKee is an NAI Maestas & Ward commercial real estate specialist that advises industrial and logistics real estate owners and occupiers on leasing, acquisitions, and dispositions.  Learn more about Riley, his properties and his insights to market shifts in commercial real estate here. 

Competitive SBA Rates & Incentives Benefit Industrial Buyer Despite COVID Uncertainty

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By Alex Pulliam, NAI Maestas & Ward Land and Industrial Advisor

Historically, the South Valley has held a reputation for being a less desirable submarket of Albuquerque but as the industrial real estate market witnesses a shrinking supply of suitable properties, the area has gained interest from active buyers. It is particularly attractive for industrial users looking for both large land area and sizeable warehouse buildings- as evidenced by the recent sale of 121 Dale Ave. SE, a 7,000 SF warehouse on 2.5 acres.

The building was originally marketed as a lease option, but interest came from buyers looking to occupy the space. After talks with its multinational corporate owner, it was determined that a sale option was the best path forward. Making the property available to purchase resulted in multiple offers leading to a “best and final offer” request. Ultimately, the purchaser was a local user looking to relocate and expand his trucking operations. The property went under contract in early January 2020 following two months of negotiations.

The buyer benefited from competitive SBA interest rates and the deal was slated to close in March. But when March came around, financial institutions faced direct impacts of COVID-19 as PPP Loans consumed lender’s time and resources. This caused significant delays in the transaction which finally closed in early June.

Granted the transaction took longer to close, the attractive SBA rates combined with the quality of the property were compelling enough for the buyer to remain engaged in the sale process. When the transaction closed, it sold at the high end of the market relative to other recent sales in the area. The buyer benefited from a feasible monthly outlay thanks to SBA rates and incentives.

Through the CARES Act the SBA continues to offer competitive rates, and buyers looking to purchase could benefit from the SBA making their first six payments. For owner-occupied buyers, this is an ideal time to consider purchasing if they can find the right property. For sellers, this is the ideal time to explore selling because there is a limited supply and demand for industrial property with key industrial traits remains high regardless of location.

In addition to Alex’s industrial insights, she is known for problem-solving with the right people to get the job done. She is committed to her goal of meeting deadlines and prioritizing her daily activities to exceed her client’s expectations.

For more details on this transaction and other industrial opportunities, contact Alex Pulliam or Riley McKee

Diligence, Perseverance and Attitude

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In the course of a lifetime, we all face challenges when attainable goals we have set, become daunting and unachievable.  Life takes its turns, and if you don’t have diligence and perseverance to keep pushing forward, fate will turn its ugly eye, and failure will become the soulmate tied to your hip.  But what happens when your positive attitude, belief in yourself and your team, and your perseverance take hold and you just keep rowing the boat, knowing your fate is in your own hands?   What happens is, one pull of the oar at a time, you overcome, the inevitable outcome changes, your goal becomes attainable.  Ask Jim Wible about daunting and unachievable.  Ask him about continuing to pull the oar anyway.  Ask him about the sweet victory of accomplishment and success, and then join me in congratulating him on his advancement from Director to Senior Director.

To celebrate this tremendous achievement we sat down (virtually) with Jim to learn a little bit more about his career in Commercial Real Estate and who he is inside and outside of the office.

Q:     What did you do before your career in commercial real estate?

A:     After graduating college, I worked in the semiconductor industry in various capacities in the manufacture of chips.  I worked in Albuquerque as my first job out of college, and worked in the Sunnyvale, CA area and in central Florida along the space coast, always at facilities that manufactured chips.  Then in 1990, we moved back here to start up and work in new manufacturing facilities.  Since then, we have decided this is where we wanted to live.

 

Q:     What made you transition into commercial real estate?

A:     My career in the semiconductor industry was fun, but there was likely a requirement to relocate from New Mexico to continue.  The transition was driven by the fact that we had been investing in real estate and learning about cash flow and other components of commercial real estate.  After leaving to make a career change, I decided to go into brokerage.

 

Q:     What is the most fulfilling part of being a commercial real estate broker?

A:     The amount of learning that takes place constantly in this role.  You get to learn about various businesses and how they use their real estate to make their business successful and at the same time you get to interface with community leaders to have a positive impact on changes to the community and how the community as a whole develops.  It is fascinating to watch and play a small part.

 

Q:     What would you say is the highlight of your career so far?

A:     Anytime I can help my client achieve the goal that they have for their property, it provides a sense of achievement.

 

Q:     What parts of the job do you find most challenging?

A:     For me personally, it is having the patience to work on the things that I can control and then wait for other activities to take place that helps the client make the appropriate decision for them.  This is true for buying or selling and for landlords and tenants.  The more you can talk to your client you can understand what they are trying to achieve and determine the best way or the options for ways to help them.

 

Q:    Who has influenced you the most?

A:     My parents.  They have been married for over 60 years.  They have been through good times and lean times.  They always knew the value of work and passed that along.  They always demonstrated the importance of family.  My success is only because of their lessons.

 

Q:     How do you approach risk?

A:      I view risk as the absence of information when making decisions.  What we as advisors try and do is to help our clients manage risk by working through information needs and collecting information to reduce overall risk.  The purchase or lease transaction is a big deal for the client, no matter which side of the transaction or what type of transaction.  I try and approach risk by coming up with information and solutions to problems that achieve the needs and goals of my client to provide them with the best possible outcome.

 

Q:     What advice would give to someone considering a career in commercial real estate.

A:     Don’t worry, it’s easy you only have to know this one thing.  Everything.  When I get to talk to new folks to commercial real estate I tell them the truth about what can be the difficult parts of this career and also the truth about the enriching experiences helping your clients.

 

Q:     Where can we find Jim on the weekends (when not social distancing)?

A:     I like to be outside in NM, camping, riding my bike, golfing, wakeboarding, skiing, enjoying our fantastic weather.  I also like to take mini-vacations of a weekend to see my kids.

 

Q:     Other than current circumstances surrounding the COVID-19, what has changed in the commercial real estate industry since you got started?

A:     Access to accurate information is much more readily available, so this has a tendency to improve decision making in transactions.  However the requirements and expectations have also increased increasing the complexity.

 

Q:     As an industrial and land real estate expert, do you still see opportunity in the CRE industry as it relates to the impacts of COVID-19?

A:     What we have seen in these times is a shift to more online shopping and retail.  This will cause a greater need to have more distribution space and distribution channels.  Online shopping increases drive industrial space needs.   The second thing we need is drive-thru everything.  People wanted it originally for convenience, such as a family with small kids that once they get them buckled in benefit from convenience.  Now you have the benefits of being able to keep more social distance and contactless or minimized contact transactions.  Land development will reward sites that provide good drive-thru access.

We are proud to have such a talented broker among our ranks. Thank you Jim for your many years of hard work and achievement.

Jim Wible, CCIM  has over 20 years as a land, industrial and investment advisor with an extensive background in commercial real estate and high-volume manufacturing. He has been active as an investor, a small business owner and a broker. Jim has led both small businesses and large corporations and has managed budgets in excess of $100 million.

See customers are saying about Jim Wible

Emerging from Covid-19; Commercial Real Estate Predictions 2020

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by Shelly Branscom, CCIM 

As we began the 2020 year, none of us could have predicted the halting effects COVID-19 would have on the world’s social and economic landscape.   As current stay-at-home orders are shifted into economic phasing plans, it is important to take a closer look at what major factors will impact the Commercial Real Estate Market in 2020.

Return to business – communities will begin re-opening businesses; albeit with procedures, including wearing masks, social spacing and extra cleaning in place

Downturn – We are experiencing a downturn in CRE activity caused both by social distancing and by small business owners’ need to furlough and/or layoff significant portions of their workforce.

Recession – Remember recessions do not typically occur until 18 months after they’re seen. In other words, the economy is not falling apart. Trust me, in about 18 months, we will all be back to “normal.”

Owner/User Opportunities – Every downturn creates real estate transactions; subleases, Tenant relocations, foreclosures and dispositions. Be ready to buy!

Cash Flow – Landlords should review their rent rolls and develop a strategy to maintain cash flow even through Tenant requests for rent forgiveness, reduction or abatement. Consider trimming expenses wherever possible to minimize asset devaluation.

Banker Conversations – Property owners should be in contact with their lenders. Keeping the lines of communication open during the COVID-19 cycle will enhance your ability to negotiate forbearance options should you not be able to make your payment.

Refinance – Investors who are seeking to hold their assets should consider refinancing during this low-interest-rate environment. At the very least, talk to your lender.  There are more options available to you now than ever before.  Refinance/consolidate into non-recourse loans.

Capital Improvements – If you are experiencing flush cash flow, now is the time to invest in capital improvements.

Investor Opportunities – Some investors may want to move off the coasts and into the south-central United States to take advantage of more favorable capitalization rates; jump on these opportunities.

Technology – Expect mergers and acquisitions around the world, particularly in the tech sector.

Social gatherings – The methods of attending sporting events, shopping and even dining will shift and will likely include occupancy loads at unprecedented low percentages. Our family gatherings, elderly visits and birthday celebrations will look different as well.

Local Impact – Find comforting in knowing, New Mexico, and Albuquerque in particular, often do not fall as low or peak as high as other states and cities across the United States. We are cushioned by the federal government’s impact on our State via the National Laboratories and our three Air Force Bases.  In addition, we do not have nearly the amount of speculative construction in our community as other communities do, resulting in less of an increase in vacancy.

We will Recover – Finally, a survey of women who sit on boards of directors found that most believe it will take six months or more to recover from the effects of COVID-19 coronavirus pandemic; however, we will recover. Call me and I can help you navigate your way through the next six months and beyond.

Our industry is very much alive and I believe opportunity still awaits.  We must be patient, resourceful and smart in our approach to commercial real estate during these times.  Contact me today and let me help you navigate your way through the next six months and beyond.  Your success is my mission!

Shelly Branscom, CCIM is an NAI Maestas & Ward commercial real estate specialist that provides substantial long term strategies and business planning services to her clients.  She prides herself on thinking outside the box, enabling her to contribute unique solutions and outcomes specific to each of her clients.  Learn more about Shelly and her listings.   

NAI Maestas & Ward is a full-service commercial real estate company serving New Mexico since 1996. The company is a dynamic commercial real estate firm offering best-in-class real estate services in brokerage, property management, asset management, business brokerage and development services.

 

Broad rent strikes would be disastrous

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By Riley McKee, NAI Maestas & Ward Industrial Real Estate Advisors
An article featured in the executive desk of the 2020 Albuquerque Journal, Edition 4.27.2020

In an open letter addressed “To our landlords,” the CEO of The Cheesecake Factory announced that the restaurant chain would not be making rent payments in April due to extraordinary challenges the company has faced since the outbreak of COVID-19.

Other prominent retailers like Subway, Dick’s Sporting Goods and Staples have made similar pronouncements in recent weeks, as virus containment efforts have halted “nonessential” business activity. The justification provided is understandable. Closures mandated by state and local governments have all but eliminated the ability to generate revenue, a fundamental problem deserving of sympathy.

But glaring defiance of lease obligations is certain to inspire copycats. Tenants across the spectrum of property types — from well-known retailers to local apartment renters — now have justification to do the same. The nascent but very real threat of a widespread rent strike places our long-term economic future on a knife’s edge.

While the virus has felt allconsuming thus far, its negative impacts can be contained.

Medical professionals have become national heroes through tireless care for those infected.

Millions of Americans have willingly complied with social distancing guidelines. And thousands of business owners have put their life’s work on the line by yielding to emergency restrictions. These sacrificial efforts have resulted in a plateauing rate of new cases and deaths putting a gradual return to normal life in view.

On the economic front, relief efforts like the Paycheck Protection Program, direct payments to individuals, and expanded unemployment insurance have been tailored to offset losses.

These measures can be likened to storing the economy in a giant freezer, preserving and protecting it for a later date.

If the economy can be effectively “frozen” while the war against COVID-19 is waged, a brief thaw, so to speak, is all that will stand between the hardship of today and the prosperity of tomorrow.

But if healthy economic activities — and for that matter, the rule of law — are cast aside amidst the current panic, we face a difficult road ahead.

The most effective means of preserving economic health is to honor existing contractual obligations.

Growth and profitability benchmarks can be amended. Payroll concerns can be addressed by emergency loans. Furloughs and layoffs, though lamentable, are accounted for by expanded unemployment insurance and direct cash payments. Executives and senior managers — those most equipped to handle short term losses — can ride out an interim pay cut.

But the economy cannot survive a suspension of good faith, which is why The Cheesecake Factory’s decision is uniquely troubling.

Without minimizing legitimate challenges that tenants currently face, what is a better response? In a word, conciliation. Landlords are keenly aware of ongoing circumstances and the vast majority are willing to help. They have a meaningful interest in their renters’ survival beyond the crisis and know pushing too hard would be foolish. But they also have burdens and as May 1 approaches, grow increasingly nervous.

April rent figures were down, but a full month of virus containment measures since then portends an even lower collection rate. And a potential domino effect of disaster as one default triggers another.

Much has been said recently about “getting through this together.”

It’s an encouraging sentiment, but only to the extent it’s actually upheld. The Cheesecake Factory failed the test by unilaterally reneging its obligations in times of trouble, when many of its landlords would willingly have sought a mutual arrangement.

So for tenants who are able next month, pay your rent. For those struggling with a sudden loss of revenue, pursue relief programs to help bridge the gap. If your or your business is ineligible or still facing budget constraints, pay what you can. And if you find yourself out of options and out of cash, have a candid conversation with your landlord and work toward a bilateral solution.

By doing so, we can preserve the blessings of an economy — and society — built on trust.

Riley McKee is an industrial real estate adviser for NAI Maestas & Ward Commercial Real Estate. 

The executive’s desk is a guest column providing advice or information about resources available to the business community in New Mexico.  

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