Commercial Real Estate Market in Espanola, NM
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
50 active listings and 529 off-market properties in Espanola, NM. Commercial property asks $18/SF to buy and $17.00/SF/Yr to lease.
Market Trends
Espanola, NM spans 109.5 square miles in Rio Arriba County, New Mexico. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Espanola, NM runs 20.8% across the West region in 2025, up from 11% in 2019.
Vacancy Rate % in West region
Retail
Retail space in Espanola, NM asks $108/SF to buy. Vacancy runs 5.8% across the West region in 2025, down from 7% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in West region
Industrial
Industrial vacancy in Espanola, NM runs 7.9% across the West region in 2025, up from 3.7% in 2019. Nearly 3.2x the 2022 low of 2.5%.
Vacancy Rate % in West region
Multifamily
Multifamily space in Espanola, NM asks $158/SF to buy. Vacancy runs 8.6% across the West region in 2025, up from 7% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in West region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 65.6%
- Commercial 17%
- Mixed use 3.7%
- Industrial 2.7%
- Planned_development 1.9%
- Special 0.9%
Largest Zones share of zoned land by district
Urban Residential District
Rural Residential District
General Commercial District
Bartolome Sanchez Land Grant
Local Commercial District
Espanola, NM zones 5,299 acres across 18 districts. Commercial zoning covers 17% of zoned land, residential 65.6% and industrial 2.7%. The largest single district is Urban Residential District at 46.4%. For commercial buyers the practical constraint is that only 19.7% of land carries a commercial or industrial designation.
Urban Residential District (R-6)
R-6 Urban Residential. The R-6 Urban Residential District is established in which the principal use of land is for single-family residences. The regulations of this district are intended to protect existing and proposed residential areas with a minimum lot size of 7,500 square feet, and to encourage the development of lots that meet this minimum lot size. Th…
Market overview
Demographics & Economy
Espanola, NM has 19,017 residents in 8,946 households. Density runs 174 people per square mile. Median household income here is $57,077 and median gross rent $887 a month.
19,017
Population
8,946
Households
2.1
Avg Household Size
41
Median Age
23%
College-Educated
85%
High-School Grad
109.5 sq mi
ZIP Area
174
Density / Sq Mi
$57,077
Median Household Income
$42,365
Median Earnings
$887
Median Rent
$225,000
Median Home Value
Tools
Frequently Asked Questions
What is the average price per square foot for commercial property in Espanola?
Commercial property in Espanola, NM asks an average of $18 per square foot. Multifamily carries the highest asking price at $158/SF.
How much does it cost to lease commercial space in Espanola?
Asking lease rates in Espanola, NM average $17.00 per square foot per year.
What zoning applies to commercial property in Espanola?
Espanola, NM zones 5,299 acres across 18 districts, of which 17% is commercial and 2.7% industrial. The largest single district is Urban Residential District at 46.4% of zoned land. R-6 Urban Residential. The R-6 Urban Residential District is established in which the principal use of land is for single-family residences. The regulations of this district are intended to protect existing and proposed residential areas with a minimum lot size of 7,500 square feet, and to encourage the development of lots that meet this minimum lot size. Th… Residential zoning covers 65.6% and open space 0%.
Where does Realmo's Espanola market data come from?
Realmo compiles Espanola, NM figures from 47 active sale listings, 3 active lease listings, 529 tracked off-market properties, the current Espanola zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 47 active for-sale and 3 active for-lease listings in Espanola, NM. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 5,299 zoned acres across 18 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at West region level, retail vacancy is reported at West region level and industrial vacancy is reported at West region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · How Realmo checks market page data · Report a data issue
