October 24, 2017
Shelby Perea
Real Estate Reporter, Albuquerque Business First
Brady Industries is growing but finding real estate that would foster the growth spurt hasn't been easy, the janitorial equipment supplier said.
Brady Regional Manager Mark Stanger said the Las Vegas-based company will be leaving 5801 Office Blvd., where it has been located for over 10 years, and head to a bigger space at 8600 San Mateo Blvd., increasing its Albuquerque location by 10,000 square feet. The goal is to have the move wrapped up by the end of November.
While Stanger said moving has been stressful, he said finding a warehouse in northeast Albuquerque also had its hurdles.
Brady had been considering changing its real estate situation for about six years, Stanger said, and with the company's lease up at the former location it was time to seriously start hunting.
"We started to look at the very limited warehouse space," he said.
Stanger said he found a variety of warehouse space on the Westside but needed to be in a different part of town for his customer base. Brady is leasing at the San Mateo location because it is convenient for customers with easy access to the interstate. Terms of the lease were not disclosed.
"It's not as competitively priced as we would've liked," said Stanger about finding a warehouse.
He also noted a lot of warehouse space in Albuquerque is about 10 percent office space and he needed 20 percent.
Stanger – who has done business for Brady in Phoenix – found it more difficult looking for new property in Albuquerque, citing an inventory issue.
"There just hasn't been a demand for Albuquerque," he said.
Albuquerque has a 6.6 percent vacancy rate in its industrial market with a median asking lease rate of $6.99 per square foot, according to a CBRE market report for this year's second quarter. Office-warehouse specific real estate had an 8.4 percent vacancy rate.
