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Posted 23 Apr 20 By: No comments yet

Q1 2020 Santa Fe Market Report

Summary

2020 started with increased activity from prospects moving into higher quality office buildings. It was anticipated 2020 would be a great year for those properties focused on offering a high-quality product. The year started with a lease rate averaging $20.21 per square foot and a vacancy rate of 11.87%. A higher demand for smaller offices caused some owners with larger vacant spaces to offer some of their inventory as
executive offices.

Completed deals to highlight in the office market include the new County office; A two-story building with 62,000 square feet located between Grant, Griffin and Catron streets in downtown. In the middle of last year, it was reported that Meow Wolf is planning to build a four-story building with a total of 75,000 square feet to establish their Creative Studios on the south side of the city. In the medical field, X Ray Associates of New Mexico opened its second location at 435 St. Michael’s Drive Suite A104.

Coronavirus (COVID-19) is likely to have significant impact on the market in the coming quarter. While retail and office sectors will be immediately affected, there may be opportunity for those who can quickly act. If it is possible to refinance, extend lines of credit, or renew
lines of credit, now is the time to do so in anticipation of possible need. Finally, if one has the capital, there undoubtedly will be buying opportunities. The future is unknown, but the ability to look ahead to spot both risks and opportunities can prove to be invaluable.

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