Brian Patterson is the senior vice president of Titan Development, one of the Southwest's largest and most active real estate development and investment firms.
“There’s a huge need in this market to be able to provide top-notch industrial class A warehouse on probably the best location available in the region, right off of I-40," Patterson said in a KRQE news report this week.
Some of the labor has already been carried out to construct an industrial class A warehouse on the 110 acres near I-40 and 98th Street in Albuquerque, the news report said. Titan Development and the City of Albuquerque held an official groundbreaking ceremony on Wednesday for the new warehouse, which will measure 150,574 square feet.
“There is less than 1% vacancy in this market," Patterson told KRQE. "We just don’t have that industrial space available.”
Approximately one-third of the space is already spoken for through leases, with the expectation that the rest will also be leased in the coming months, the report said. None of the companies have been publicly identified yet, but Patterson noted that they will be utilizing the space for light manufacturing, assembly and storage.
"We’re already seeing a number of users interested in coming to this space for a variety of reasons," he said. “With what the vacancy’s at, with the interest both outside and existing local users are looking for and really demanding for right now, we’re seeing a lot of interest."
Approximately 150 construction jobs—and possibly hundreds more jobs when the warehouse is occupied—are anticipated to come from the $22 million enterprise, the report said. The work is expected to be completed by May 2023.
While some of the property has already being sold to a tire mart and Maverick gas station, there are still approximately 90 acres left that can be developed.