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Albuquerque Business First
Less than 10% of office stock in major metros considered 'prime' space
Less than 10% of the office space across some of the nation's major metropolitan markets is considered "prime" real estate, the type of property today's tenants prefer.<\p> A recent analysis by CBRE Group Inc. (NYSE: CBRE), the findings of which were shared first with The Business Journals, found 830 buildings across 57 cities analyzed could be categorized as "prime" properties, representing 8% of all office square footage in those markets. Although the definition of "prime" can vary by market, sometimes dramatically, the analysis set out to identify the highest-quality buildings in each city and examine how that segment of the market is performing relative to the broader office sector.<\p>
Sunport adds new carrier
The Albuquerque International Sunport can now count Sun Country Airlines among its carriers, with the airline officially introducing a Minneapolis route on Wednesday.<\p> The route, originally reported by Business First in October 2023, will run biweekly on Wednesdays and Saturdays. Sun Country, a regional, low-cost airline headquartered in Minneapolis, marks the Sunport's eighth carrier, alongside Southwest Airlines, American Airlines, United Airlines, Delta Airlines, Spirit Airlines, Advanced Air and JetBlue.<\p>
Goodwill to open new ABQ location
Goodwill Industries of New Mexico is opening its 19th location in the Land of Enchantment this summer.<\p> The new store and services center is located at 12521 Montgomery Blvd. NE. The 34,500-square-foot space will offer retail and career programs such as Jumpstart, which collaborates with Title I schools to help youth enter the workforce, and GoodJobs, which provides employment services and training to individuals seeking work. <\p>
What's ahead for New Mexico's energy transition?
As New Mexico continues to march forward on its energy transition, fueled by new companies, innovative industries and evolving regulations, a trio of experts spent the morning on June 13 discussing the present and future of the state's energy ecosystem, and what's at play in that ongoing transition. <\p> Last week, Albuquerque Business First hosted its Energy Outlook panel at Sandia Golf Club. It featured a panel with three industry and regulatory energy leaders in New Mexico, those being:<\p>
Demolition starts on American Home Furniture flagship
The end has arrived for American Home Furniture’s former flagship store on Menaul Boulevard.<\p> Albuquerque-based Guzman Construction Services began demolishing the building on June 11, Jeffrey Jesionowski, president of Aim Management Corp., said in an email statement. The site, which housed American Home for over 60 years, is located at 3535 Menaul Blvd NE. <\p>
ABQ company nabs pair of Navy rocket contracts
— This story was updated Thursday with additional contract details from X-Bow CEO Jason Hundley.<\p> X-Bow Systems Inc. said Tuesday the U.S. Navy awarded it a pair of rocket development contracts, following a few other big-dollar government contracts awarded to the Albuquerque company over the past year. <\p>
Ruidoso wildfires continue to grow
Around 14,000 acres and 500 structures have been burned near Ruidoso by a growing wildfire that began Monday morning.<\p> Currently referred to as South Fork Fire, 0% is contained as of Tuesday afternoon and the entirely of the Village of Ruidoso, Ruidoso Downs and other nearby communities have been ordered to evacuate. Gov. Michelle Lujan Grisham declared a State of Emergency and has permitted the deployment of the New Mexico National Guard to the affected area.<\p>
Nonprofit leader lands at WESST
The former executive director of Albuquerque-based Paws and Stripes, which pairs veterans with service dogs while providing mental health resources, has landed at another New Mexico nonprofit. <\p> Lindsey Kay, who founded Paws and Stripes in 2010, officially stepped away in May. She now joins the team at WESST as its vice president of client services. While the news was released today, she assumed her new role on May 15. <\p>
Dion's, Chase, Raising Cane's expand; American Home adds patio
Several major businesses have recently announced expansions in the Southwest, with one aiming to provide new products to its clientele. Here's the latest retail and restaurant news. <\p> On June 12, Dion's opened its first location in El Paso. The 5,000-square-foot restaurant is located at 7484 Paseo del Norte Blvd.<\p>
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
ABQ energy firm bought by Indiana company
Yearout Energy Services, an Albuquerque-based energy services company that's pushed regional expansion efforts over the past several years, was acquired by an Indiana-based company.<\p> Energy Systems Group, based in Newburgh, Indiana, said Monday it bought Yearout Energy for an undisclosed price. In a news release, the Indiana company said the deal "continues its strategic expansion into target markets, enhances its service offering, and diversifies its customer base in key Southwest states, including Texas, Colorado, Arizona, and New Mexico." <\p>
New Mexico Wine plans first brick-and-mortar location
New Mexico Wine, a nonprofit organization known for its wine festivals, plans to open its first brick-and-mortar location and tasting room in Old Town Albuquerquethis fall.<\p> Viva Vino Wine Studio — operated as a separate for-profit business under Viva Vino LLC — will be located at 301 Romero St. NW. The 875-square-foot space aims to diversify the organization's revenue beyond its yearly wine festivals and provide a year-round consumer-facing storefront. The new location will sell products from New Mexico Wine’s 50 member wineries and will act as an educational hub, promoting the state's wine culture and history, Executive Director Christopher Goblet said. <\p>
Sustainable sunscreen startup wins pitch
Alexandra Merlino has always been an avid outdoorswoman, often hiking in the mountains around Santa Fe and other parts of New Mexico, or playing tennis.<\p> While Merlino would often wear sunscreen while active outside, a skin cancer diagnosis, she said, made the need to apply sunscreen more "urgent."<\p>
This New Mexican keeps our wilderness enchanting
Mark Allison first moved to New Mexico in 1993, determined to find a home in the state of enchantment.<\p> Now, Allison has been the executive director of New Mexico Wilderness Alliance, or New Mexico Wild, for 11 years. New Mexico Wilderness Alliance is a nonprofit founded in 1997 that is focused on the protection and restoration of New Mexico's outdoor space.<\p>
PNM looks to cover $174M through rate increases
The Public Service Co. of New Mexico, a subsidiary of Albuquerque-based PNM Resources Inc. (NYSE: PNM), filed a request to bump up customer rates over the next two years to cover a projected $174 million revenue deficiency. <\p> PNM filed its rate increase request with the New Mexico Public Regulation Commission, the body responsible for utility regulation in the state, on June 14. It calls for a "two-part phase-in" increase to non-fuel base rates to make up a total revenue deficiency of $174.3 million. <\p>
$6M in upgrades planned at Balloon Fiesta Park
Balloon Fiesta Park will see nearly $6 million in upgrades in the next six months, primarily consisting of behind-the-scenes infrastructure improvements. <\p> In addition to improving the experience for events already held at the grounds, including the Albuquerque International Balloon Fiesta, they may also prepare the site for a new New Mexico United stadium, which is currently undergoing intense approval processes.<\p>
$1.25M commercial building permit issued last week
The City of Albuquerque issued 15 commercial building permits between June 10 to June 14. <\p> The permit for the largest project in terms of estimated cost was issued on June 14 to Kenneth Myers for a new building at 1860 Griegos Road NW. The project is estimated to be about 13,216 square feet. The estimated cost of the work is about $1,256,172. The work will be done by TQM LLC and Rembe Urban Design and Development.<\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
Kirtland AFB opens Defense Threat Reduction Agency facility
The Defense Threat Reduction Agency, the Department of Defense division tasked with countering and deterring weapons of mass destruction around the world, has a new home on Kirtland Air Force Base.<\p> Designed by JACOBS Engineering and built by Hensel Phelps, the agency's new 76,000-square-foot facility will house 300 U.S. Armed Forces personnel and DoD civilians. This includes DTRA staff who will move to the Albuquerque office from Eglin Air Force Base near Destin, Florida, where they are currently stationed. The move, according to a news release, is to bring members of one of the agency's specialist research and development offices under one roof.<\p>
New Mexico's population expected to drop
New Mexico businesses could see an aging workforce, as population rates are expected to decline in the coming decades. <\p> The current New Mexico population is expected to essentially plateau and then start to decline, according to a population projection done by the University of New Mexico’s Geospatial and Population studies. These projections are based off the 2020 U.S. Census age data that was published last year. <\p>
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