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Mixed-use development is gaining ground in New Mexico鈥檚 real estate scene, bringing more projects that include some mixture of residential and commercial offerings to the market.

That鈥檚 one of the latest insights to come from the state鈥檚 commercial real estate experts, who were polled by the Commercial Real Estate Development Association 鈥� or CREDA, formerly NAIOP 鈥� last week. The association鈥檚 New Mexico chapter, founded in 1986, represents more than 290 developers, owners, investors and industry professionals across the state.

Last week鈥檚 poll was the most recent in a series that CREDA is regularly releasing in partnership with the Journal through its luncheons and newsletters.

The July poll鈥檚 first question asked members to rate the current deal velocity in their segment of commercial real estate, with 1 being cold and 10 being hot. The majority of the 44 respondents selected a rating of 6, down from a rating of 8 in May and March, and 7 in February.

Lisa Mercer, a director at commercial real estate company NAI SunVista, said she thinks the drop in sentiment surrounding deal velocity could be attributed to low inventory 鈥� a problem she said has worsened throughout this year.

鈥淚t becomes challenging to close deals when you don鈥檛 have the inventory,鈥� Mercer said.

The poll also asked CREDA鈥檚 members if they expect mixed-use development to become a larger share of the local real estate market over the next five years. An office or apartment building with a food hall or retail businesses on the bottom floor is an example of mixed-use development.

Of 55 respondents, the majority 鈥� 64% 鈥� said they do anticipate a rise in mixed-use development. Meanwhile, only 11% said 鈥渘o,鈥� and 25% went with 鈥渕aybe.鈥�

Among the mixed-use hopefuls was Darin Davis, senior vice president for Bank of Albuquerque鈥檚 commercial real estate division. He manages lending to commercial real estate projects, about 20% of which he said are mixed-use developments.

鈥淚 think it鈥檚 important to our market, especially in a market where land is tight,鈥� Davis said. 鈥淭here鈥檚 a lot of land, however, within the metro area limits that you could infill, and a mixed-use project makes sense for that.鈥�

While Davis hopes to see mixed-use development climb in the coming years, he said money could pose a major challenge. With building costs on the rise and pre-development approval periods growing longer, mixed-use development and the density 鈥� height 鈥� it often requires comes with risk that not many developers want to take on, he said.

Chris Baca, president and CEO of Yes Housing Inc., agreed. For Calle Cuarta, a mixed-use development that the nonprofit completed near Fourth and Candelaria NW late last year, the mixed nature of the project added about $50 per square foot to the cost due to more complex engineering and architectural demands.

Calle Cuarta features both affordable and market-rate apartments, live-work units and retail spaces. While mixed-use projects often happen in dense areas, Baca took a different approach 鈥� aiming to not only add more housing to the market, but generate neighborhood amenities he hoped would bring quality of life and small business creation close to home.

鈥淚t鈥檚 an extra layer, and a more complicated layer, for us to do, but we think it鈥檚 absolutely necessary to build healthier, more integrated communities,鈥� Baca said, adding Yes Housing is going to continue leaning into mixed-use development for its future projects.

Local developer Geltmore said the incorporation of affordable housing and coinciding tax credits will be key to the feasibility of mixed-use development going forward. The developer鈥檚 conversion project for Downtown Albuquerque鈥檚 former Wells Fargo tower will feature affordable apartments with ground-floor retail and office spaces.

鈥淚f you鈥檝e got people living there, they need grocery stores, drugstores and all the daily things. You can鈥檛 just build density somewhere and then have all the services somewhere else,鈥� said Geltmore Vice President Adam Silverman. 鈥淲e鈥檙e in that 鈥楩ield of Dreams鈥� moment 鈥� if you build it, they will come.鈥�

Kylie Garcia covers retail and real estate for the Journal. You can reach her at kgarcia@abqjournal.com.