Mechenbier Construction is adding to the industrial market with the build of a new speculative industrial space in Northeast Albuquerque.
The 9,400-square-foot speculative industrial flex building, located at 8405 Washington NE near Alameda and Jefferson, will finish construction next month, according to John Mechenbier, owner of the local commercial construction firm.
Construction on the single tenant space began in June and cost about $1.2 million, Mechenbier said. The space has not yet been leased.
The project comes at a time when industrial space is difficult to come by. Albuquerque’s industrial market currently has a vacancy rate of less than 2%, according to Bill Robertson, senior vice president and principal at the Colliers Albuquerque office.
Robertson said low vacancy rates mean that new builds are often leased before construction is completed and leasing rates have increased dramatically.
Supply chain issues have also resulted in increased prices since builds take longer and supplies cost more, he said.
Mechenbier said this project was delayed by about two months due to supply chain issues.
Founded in 1980, Mechenbier Construction began as a residential construction company before switching to commercial and industrial builds in 2005, Mechenbier said.
Since the switch, the company has built about 30 industrial and commercial buildings in the Albuquerque area.
The new industrial space features energy-saving lighting and insulation, 13 oversized parking spaces and an enclosed fenced rear and side yard.
Mechenbier said he was drawn to the area due to its proximity to the interstates and other major Albuquerque roads.
“By being in this north I-25 corridor, within minutes we can get to any part of Albuquerque,” he said. “We have quick access getting on the interstate and getting up to Santa Fe or Los Lunas or Interstate 40.”
Mechenbier said the company primarily deals with regional, national or international tenants.