Spaceport America Could Spur NM Real Estate Boom

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 nation’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.

“The 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,” John Hummer, owner of Las Cruces, N.M.-based Steinborn TCN Commercial Real Estate, told CPN. “The 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.”

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 University’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. “Between 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,” Hummer noted.

Read the full story. Thanks to the Space Prizes blog for the link.