Commercial real estate bouncing back from COVID-19

 Commercial real estate bouncing back from COVID-19

The Albuquerque housing market continues to reach new heights, but when it comes to commercial real estate – some properties are booming, and some ended up a pandemic bust. Doug Peterson owns a company that operates 52 properties in New Mexico and said some tenants made it, and some tenants did not. Those hit hardest were well-known businesses. “The most severely restricted are bars and restaurants that have alcohol gathering focus,” Peterson said. Just this month, the state lifted all of the COVID restrictions, too late for some shops, but maybe just in time for others.“The commercial real estate market fell off a cliff,” Tom Jenkins with the Albuquerque Chamber of Commerce said.Jenkins is referring to mid-2020 and early 2021. Both Peterson and Jenkins said the Albuquerque area just started recovering from the recession from nearly a decade ago when COVID-19 killed the commercial market.“It really depended on the…

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