From an economic standpoint, the State of Arizona reported significant job gains for the local market in February, with Tucson’s unemployment rate improving to 6.7% from 7.3% in January. In the past year, 3,500 more jobs were added, largely in the education, leisure/hospitality and construction sectors.

As with the national scene, quarter after quarter, the need remains for jobs to fuel a Tucson retail market rebound. The State of Arizona reported significant job gains for the local market in February, with Tucson’s unemployment improving to 6.7% from 7.3% in January. In the past year, 3,500 more jobs were added, largely in the education, leisure/hospitality and construction sectors.

As with the national scene, quarter after quarter, we have cited the need for jobs to fuel a Tucson office market rebound. The State of Arizona reported significant job gains for the local market in February, with Tucson's unemployment improving to 6.7% from 7.3% in January. In the past year, 3,500 more jobs were added, largely in the education, leisure/hospitality and construction sectors.

We've been in the prognostication business of late, and have gathered a great deal of data on the Tucson commercial real estate markets in one slide deck.

For the first time, C&W | PICOR Commercial Real Estate has partnered with The CoStar Group to deliver a "State of the Tucson Market" webinar, which will include perspectives from leaders of each commercial division and include the Sonora, Mexico border region. 

Not long ago, tsunamis and commercial real estate were part and parcel of the same discussion. While no tidal waves--positive or negative--are expected to shake the Tucson industrial market, many wish to know: After bouncing along with only incremental change, when will the tide turn?

The recessionary years in Tucson’s office market are best characterized by uncertainty and stagnation. As the sprouts of recovery begin to emerge, a sense of stability is present for the first time since 2008. That being said, it is a tentative recovery, far from robust.

2011 was a year in which more of the region’s landlords, prospective sellers and lenders reset their expectations, coming to terms with the protracted timeline for economic recovery. Pricing--both for sale and for lease--followed suit, adjusting to current market conditions.

This week Prologis, global leader in warehouse development and ownership, forecasted a 12-18 month ramp up in absorption of warehouse space, largely driven by production and trade increases. We asked how Tucson warehouse space fares in the market place and whether the recovery locally will track the global and U.S. forecasts.

The Tucson industrial market showed positive absorption of 139,147 square feet (SF) at the mid-year point in 2011. In this article, we highlight the results of the study, and continue with the mid-year Tucson Industrial MarketBeat commentary that was published in July.