Spaceport Could Spur CRE Development in New Mexico
Commercial Property News
Southern New Mexico is well on its way to becoming home to a burgeoning U.S. industry, commercial space flight–and the area could see a spate of new commercial real estate development to support that industry.
The focus of future growth in that part of the state, northwest of El Paso along I-25, will be at Spaceport America, the nationâ€™s first purpose-built commercial spaceport. A major step toward the realization of the facility as a fully functioning spaceport was the Jan. 1, 2009 inking of a 20-year lease between Virgin Galactic, who will be the spaceport’s anchor tenant, and the State of New Mexico.
â€œThe spaceport is a strong catalyst for growth, not only in rocketry and related technologies and the tourism associated with commercial space travel, but also the commercial payloads–science experiments and commercial satellite launches,â€ John Hummer, owner of Las Cruces, N.M.-based Steinborn TCN Commercial Real Estate, told CPN. â€œThe corridor including Las Cruces, the largest nearby town, and Truth or Consequences, the closest to the spaceport, are already benefiting from interest in the spaceport.â€
In Las Cruces, Hummer said, an assortment of research parks and mixed-use industrial projects are on the drawing board or under way, such as New Mexico State Universityâ€™s Arrowhead Research Park, which will be on a 257-acre site at the junction of I-25 and I-10 in Las Cruces, plus business park development near the airports in both Las Cruces and Truth or Consequences. â€œBetween Virgin Galactic as the anchor tenant and other new entrants, such as UP Aerospace and Armadillo Aerospace, there will be a space-related cluster will spawns commercial uses in the area,â€ Hummer noted.