It looks like Bernalillo County, at long last, will be getting its own office building, PNM’s former Alvarado Square office building. We honestly are okay with this as long as that means vacating other office buildings and putting the space back on the market (and possibly back on the tax rolls).
From all appearances, the County seems to be getting a smoking deal and that’s welcome news for County taxpayers. The latest asking price of $2.7 million is a whopping 75% reduction relative to the original $11 million list price for the building.
But, as with any silver lining around here, there is a massive grey cloud looming. That massive price cut is a pretty strong indicator that Albuquerque’s downtown office market is extremely soft and that big companies are not exactly clamoring to obtain office space in downtown Albuquerque which is of course, New Mexico’s largest City.
Meanwhile, in economically-booming Denver, the City’s tallest new skyscraper in 30 years is on pace to open in 2018. Any bets on when Albuquerque’s next skyscraper will be constructed?
One Reply to “Hooray, Bernalillo County is getting a “steal” on its new HQ…because our economy is so awful”
A “good deal” relies in part on cost to refurbish to accommodate up-to-date needs. How many years of service remain? Virtually every office building in the country over 50 years of age is functionally obsolete and perhaps should come down, including those in our largest cities. They simply cannot be rehabilitated effectively for much less than replacement cost. And converting to some form of residential means relocating those offices to the suburbs. Again. Such is and will be the cycle. Older suburban warehouses with low ceilings (Less than 28′) can easily be redone as cubicles.
Fortunately, NM tends to require its state and political subdivisions to locate buildings near central parts of communities (Except of course the white elephant at Dona Ana County)