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How NM can better market itself to business

Whenever I visit a new place, I study it in advance and pick other markets that are similar, i.e. status quo, or at the next level, i.e. aspirational, with regard to commercial real estate ... the University of New Mexico. Leaders should double down ...

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Success! — Manage subscriptions Sign up for our Newsletters Play the Gridiron Challenge 46° Share Guest Columns How NM can better market itself to business By Spencer Levy / Americas Head Of @CBREResearch, Senior Economic Advisor Sunday, November 19th, 2017 at 12:05am ...................................................................................................................................................................I have given more than 200 speeches in most major and secondary markets in the past two yearsWhenever I visit a new place, I study it in advance and pick other markets that are similar, i.estatus quo, or at the next level, i.easpirational, with regard to commercial real estate.The markets I chose for Albuquerque, based on size, industry mix and location, were Tucson and San Antonio – status quo – and Madison, Wisc., and Austin – aspirational.While I may appear knowledgeable on any given market, nobody knows a town like its residentsI learn far more from them than they do from meBut on a macro level, here are the main factors that can differentiate New Mexican markets from national competitors.AdvertisementContinue readingTalentAvailability of talent is consistently the No1 factor for occupiers in location decisionsThe biggest creator of this talent pipeline is, of course, the University of New MexicoLeaders should double down on its ties to the broader business community and beyondIt should strengthen its international outreach, particularly in AsiaThese students bring more than full tuition; they bring employers, development dollars and innovation.It is one thing to create a steady stream of talent from UNM; it is another to retain graduates as workers in the stateThe hip, young scene is clearly growing in Nob Hill and in Santa Fe, but it must be more than beer gardens and art galleriesIt must be a total live-work-play environment.Industry MixEducation and health-care institutions can have a positive impact on slower-growth secondary markets by attracting young talent and older residentsAlong with the government/military, “Eds & Meds” provide an important industry base, which should be leveraged to create high-paying jobs.InfrastructureOn a recent trip to Japan, I marveled at the well-kept roads and bridgesOver the past 20 years, the Japanese government has spent $5 trillion to jump-start the economy to no availAustin ran into a similar debacleEven the fastest-growing markets can’t snap their fingers and create infrastructure that worksConsider the fate of the newly completed Spaceport outside of White Sands and you will understand my pointInfrastructure should stimulate growth, and this often involves decidedly unhip or even invisible projects (such as) widening highways, modernizing rail lines, etc.AmenitiesGiven New Mexico’s reputation for natural beauty and high-end retail, my wife accompanied me on this tripWe visited the Georgia O’Keefe Museum in Santa Fe and despite my admitted cynicism about art, something hit meI never knew the depth, breadth and longevity of her workI saw a key selling point in an unexpected placeIt should inspire industry leaders to capitalize on the region’s cultural assets.AdvertisementContinue readingCostAlbuquerque’s reputation as a low-cost market may attract some companies, but not necessarily the larger occupiers that bring high-paying jobs, which are force multipliers by creating even more jobsLet me be blunt: If you promote cost as your top attraction, get in lineMarkets should drive the top line of companies, not the bottom line by saving them a few bucks on rentDeep pools of talent matter most to companies; the cost of that labor matters somewhat, and the cost of occupancy matters least.CrimeIn Albuquerque, the locals told jokes about the show “Breaking Bad” and crystal methThis was funny until they said much of it was trueI live in Baltimore and I wish “The Wire” were never madeThe show, depicting the local narcotics scene, is mentioned by potential investors all over the worldWe as a business community must find ways to move forward.HopeCompetition among cities is now a blood sportAnd it’s only going to get worse, as most economists believe the United States is on an indefinite slow-growth trajectoryThis region has all the ingredients for successThe upside potential is legitimately thereIt also has the secret weapon of hope immortalized byGeorgia O’KeefeAlbuquerque and northern New Mexico are indeed breaking good.try{_402_Show();}catch(e){} Share Tweet LinkedIn Email Print Subscribe From the newspaper Guest Columns Opinion Suggested Stories: Accurate translations crucial to business – Jan 20, 2014 Team innovation, entrepreneurship – Sep 13, 2014 Albuquerque's a great place to start a business – Mar 7, 2016 Looking back at historical data to look ahead to 2017 – Dec 30, 2016 Advertisement Load comments Comments Subscribe to the Journal for only $10. 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