Commercial Real Estate Market in Hobbs, NM
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
98 active listings and 320 off-market properties in Hobbs, NM. Commercial property asks $1,069/SF to buy and $23.23/SF/Yr to lease.
Market Trends
Hobbs, NM spans 670.6 square miles in Lea County, New Mexico. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Hobbs, NM runs 20.8% across the West region in 2025, up from 11% in 2019.
Vacancy Rate % in West region
Retail
Retail vacancy in Hobbs, NM runs 5.8% across the West region in 2025, down from 7% in 2020.
Vacancy Rate % in West region
Industrial
Industrial vacancy in Hobbs, 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 vacancy in Hobbs, NM runs 8.6% across the West region in 2025, up from 7% in 2022.
Vacancy Rate % in West region
Market overview
Demographics & Economy
Hobbs, NM has 51,759 residents in 19,266 households. Density runs 77 people per square mile. Median household income here is $69,136 and median gross rent $1,151 a month.
51,759
Population
19,266
Households
2.7
Avg Household Size
32
Median Age
16%
College-Educated
77%
High-School Grad
670.6 sq mi
ZIP Area
77
Density / Sq Mi
$69,136
Median Household Income
$38,822
Median Earnings
$1,151
Median Rent
$183,876
Median Home Value
Tools
Frequently Asked Questions
What is the average price per square foot for commercial property in Hobbs?
Commercial property in Hobbs, NM asks an average of $1,069 per square foot.
How much does it cost to lease commercial space in Hobbs?
Asking lease rates in Hobbs, NM average $23.23 per square foot per year.
Where does Realmo's Hobbs market data come from?
Realmo compiles Hobbs, NM figures from 85 active sale listings, 13 active lease listings, 320 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 85 active for-sale and 13 active for-lease listings in Hobbs, 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.
- 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 · report a data issue
