What are the biz rents in Nob Hill?

[KC]

Does anyone know what the going rate for business space in Nob Hill is?

[KC]

No one?!

[Albuquerque Commentator]

They are relatively high, in the range of $25 and up per square foot per year net leases ... depends on how extensive a store front you are looking for. Does not include your interior and fixtures. Triple net leases ( NNN ) can be less but you pay everything including the property taxes. There are a number of vacancies especially with the new construction going on and the negative economy. Best thing is to jot down the numbers on the signs and give then a call.

If you go to any of the large commercial broker sites they have lease listings in general you can look at. Retail is generally a premium over office space which is in the $10-12 per square foot range.

They have their own version of MLS.

Search google : commercial real estate broker albuquerque

[Aunt Money]

Papergami just folded (pun intended) and there is a sign on their now-empty space from their landlord demanding the rent they owe. The figure was posted, close to $5,000.00, but it didn't say how many months that was for. More than one I hope. Not so helpful to you, I suppose.

[LaMaia]

KC,

I've had excellent luck with craigslist's office rent page (http://albuquerque.craigslist.org/off/). I found my own office, and then found two roomies to come share my office with me. In addition, I've noticed that there's a 900 sf art gallery in east nob hill for $600/mo, and that there was a 600 sf retail space right next to Zinc for $900/mo.

If you need retail space, let me recommend that you contact Graphic Bliss in east nob hill and see if they're willing to sublet you some space, and if that could work for you. If not, there's a 1200 sf place across Central from them which rents for $900/mo.

Are you looking for retail space or office space? Would a "virtual office" work for you -- where you have an address and a mail drop, and a couple of hours of conference room time per month. There are several places along the college streets between Girard and Carlisle, between Central and Silver that offer that service.

Good luck, and please post when you find your new place!

-LaMaia Cramer
Qualifying Broker
Essential Real Estate Services
3115 Silver SE
505-480-3253
www.lamaia.com

[david]

I noticed tonight there is a "For Rent" sign in Kyle Zimmerman's store front.

Is she closing?

[Albuquerque Commentator]

I believe it is for the space in the back.

[Randy Burge]

The Papergami store between Flying Star and Starbucks closed last week and is available, for a comparison on the highest cost end of Nob Hill rent, due to its highly trafficked location. A notice of rent due posted on the window of the now empty storefront asks for ~$4,900+ rent for the last month's rent, if I read the sign correctly. The landlord's name and contact info is listed on the notice.

[david]

Nowhere on the notice at papergami does it say "last months rent".

I was told that the space rents for about $1500 a month, which is a lot for a paper and greeting cards store to cover.

[Randy Burge]

Thanks for the update on the notice David...I only glanced at the notice in passing this week.

I thought the price was high for a month – like Santa Fe $$$ high – though Papergami was not in that space very long, a few months. Papergami had been in the back buildings behind Starbucks before the sale of the complex. Too bad the store closed, it added to the great artistic retail mix in the neighborhood.

I wrote one of my Burge Eye View columns in the Albuquerque Tribune last year about the storefront space there: Nob Hill's changing face looks promising.

The whole complex, which is the half block west of the alley along Flying Star, is owned by the Union Development Company, managed by Jim Trump at Build New Mexico, which is officed in the back building.

Jim Trump, Executive Director
122 Tulane, SE
Albuquerque, NM 87106
[phone]
[phone] – fax
[e-mail]

Build New Mexico was instrumental in the recruiting, financing, and construction of the Albuquerque Studios. Union Development Company is doing a lot of infill development projects in Albuquerque.

[david]

I am in the process of seeing if an idea I have is feasible in Nob Hill. I would love to rent that location but fear the rent is just too high for a start up.

I might have to look a little to the East. Not a huge deal but the papergami location would be perfect for what I want to do.

Does the city provide any help for start up businesses?

[hettie]

you should get in touch with the small business development center, based at cnm. they have all sorts of info. about assistance available for small businesses and they offer lots of classes and workshops. they're a great resource.

[Randy Burge]

There are less expensive spaces in the back of the Tulane/Central half-block complex – great traffic and visibility for a place not on Central directly. Being in the right business in the wrong "location, location, location" is a killer. Of course, nothing helps a wrong business in the right location, ergo, the challenges of entrepreneurship. Talking to the Union Development folks would be the best place to start, as far as I know.

There a number of resources in the region to help you think through your business planning and to possibly help finance the start-up and/or operation. Every business is different with different degrees of experiences and resources to contribute to the success of the enterprise.

I have counseled hundreds of businesses over the years, ranging from the retail store to the venture-capital funded start-up. Each type of successful business and its financing has its own patterns. Get to know yours intimately, if you do not already.

---

A few organizations to seek assistance from in planning your enterprise:

New Mexico Small Business Development Center –– ABQ CNM SBDC Center
Small business planning, management resources, SBA-loan packaging (if applicable), etc. [I am the NMSBDC statewide advisory council chairman for the NMSBDC State Lead Center in Santa Fe.]

Albuquerque SBDC
2501 Yale Blvd. SE, Suite 302
Albuquerque, NM 87106
[phone]
[phone] fax
Email: [e-mail]
http://www.cnm.edu/abqsbdc
Hours: 8:00 am - 5:00 pm, Mon-Fri

---

ACCION New Mexico
ACCION is a non-profit organization that provides business planning services and provides micro-lending for small businesses.

ACCION New Mexico
20 First Plaza NW, Suite 417
Albuquerque, New Mexico 87102
Phone: [phone]
Toll-free: 800 508-7624
Fax: [phone]
E-mail: [e-mail]

---

WESTT
Similar to ACCION, WESTT is a non-profit organization that provides small business start-up planning and counseling, as well as access to micro-loans.

WESTT
Ms. Agnes Noonan, Executive Director
414 Silver Southwest
Albuquerque, NM 87102
[phone] (Main)
[phone]
[phone]
Fax: [phone]
Email:
[e-mail]
[e-mail]