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PICOR Connect | Trends in Commercial Real Estate

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The Real Estate Market in our Neighboring State

  
  
  
Commercial Real Estate Sonora Mexico

You might know Mexico is a country with just over 116 million people according, to the estimate made last July.  It has 31 States and the Federal District, known as Mexico City. About a year ago, the PRI party got back in power after 12 years of the PAN party being in power. Since then, a lot of good things have happened as a country in different areas such as education, telecommunication, security, energy and more reforms that are currently under negotiation. Without going into much detail, as this article’s intent is to address more of the real estate industry, there is no doubt that Mexico is moving forward and the progress will benefit all of us in Tucson, Arizona and more broadly. 

"Building Value through Service"

Ever grateful for our team. Read what they are thankful for.

  
  
  

So many things to love about Thanksgiving. We love the time of reflection, and many of our team members contributed their sentiments and family photos to share what they are thankful for. Take a peek at this short slide show, and accept Thanksgiving blessings from our family to yours.

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Tucson Multifamily: Student Housing & Class A Construction Lead the News

  
  
  
Level at University of Arizona

Operating fundamentals continued to slowly improve in Tucson with modest decreases in vacancy, positive absorption, a small increase in rental rates and some continued decline in rental concessions. Average vacancy dropped from 9.4% to 9.3% and the average rental rate essentially held steady, averaging $635. In a continuation of a four-year trend, higher occupancies and stronger increases in rental rates occurred in submarkets with higher-grade properties. The Northwest, Catalina Foothills, and Northeast submarkets, which have the strongest demographics in the region, had the lowest submarket vacancies in Tucson.

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Tucson Retail Market: Just How Good is it?

  
  
  
Retail shop bags

Arizona job growth outpaced the national rate as the state continued to recover. Statewide improvement in job gains will have a positive effect on all Arizona markets. According to Forbes magazine and Moody’s Analytics, Arizona ranks No. 1 nationally for projected job growth over the next five years, forecasted to increase 3.0% with an annual economic growth of 4.6%. The housing recovery statewide positively impacted construction jobs in both Phoenix and Tucson, with the volume of building permits strengthening. Conventional lending is recovering, and inventory remained below the balance point at 3.5 months, while finished lot supply is scarce.

"Building Value through Service"

Tucson Industrial Market Improves in 4th Consecutive Positive Quarter

  
  
  
Industrial Close Up

Arizona job growth outpaced the national rate as the state continued to recover. Statewide improvement in job gains was primarily found in the Phoenix metropolitan area, with only 1,300 new jobs in the Tucson region since July 2012. According to Forbes magazine and Moody’s Analytics, Arizona ranks No. 1 nationally for projected job growth over the next five years, forecasted to increase 3.0% with an annual economic growth of 4.6%. The housing recovery statewide positively impacted construction jobs in both Phoenix and Tucson, but permits remained low, relative to historic norms. Conventional lending is recovering and inventory remained below the balance point at 3.5 months while finished lot supply is scarce.

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Tucson Office Market: Downtown and Medical Uses Light the Way

  
  
  
Office facade

Arizona job growth is outpacing the national rate, as the state recovers. Improvement in job gains is dominant in the Phoenix metropolitan area, with only 1,300 net new jobs in the Tucson region since July 2012. The housing recovery statewide has positively impacted construction jobs in both Phoenix and Tucson, but permits remain low, relative to historic norms.

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How do you honor a great man's memory? We've found a way

  
  
  
1942 Ken Nickel

On August 15, 2013, Cushman & Wakefield | PICOR lost a founding member of our team: Ken Nickel, a great man behind so much of our firm's success and survival in the early years. Ken passed at the age of 88, close to his three children and grandchildren in Colorado. His legacy with Cushman & Wakefield | PICOR deserves more than a mere mention, it deserves an ongoing honor, so we share this story with you.

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Task Force Passes Legislation Dedicated to Fighting Metal Theft (MPA Guest Post)

  
  
  
Metal Theft Copper Wire

The Pima County Metal Theft Task Force, co-chaired by Metropolitan Pima Alliance (MPA), CCIM and Building Owners and Managers Association (BOMA), successfully passed legislation dedicated to deterring metal theft. The Task Force led a three prong approach to educate Pima County residents and businesses on how to protect their property; aided law enforcement in having the tools they need to apprehend related criminals; and worked with the electorate to pass necessary legislation to prosecute and fine offenders.  

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Progress for Phoenix & Tucson Office Markets: Guest Post by Reis

  
  
  
Phoenix skyline

Continuing our series of quarterly guest posts from the sharp analysts at Reis, Inc., we share this update on Tucson office vacancy as well as the Phoenix office market. Read on for some good news, with indicators moving in the right direction.

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Tucson's Multifamily Renaissance | TREND Report

  
  
  
Tucson Apartment Market

The Tucson apartment market is experiencing a renaissance with active and innovative development in the sector after a decade of underinvestment. During the housing boom of 2000 to 2008 the economics of multifamily development allowed few new developments in Tucson. Due to low apartment rental rates, high cost of land and building materials, very few multifamily developments penciled out in Tucson during the past decade. Lower land and building costs, a weak home market, higher demand for quality multifamily housing and some key rezoning actions have brought on a flurry of new construction.

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