header image picor

PICOR Connect | Trends in Commercial Real Estate

Current Articles | RSS Feed RSS Feed

Gears Turning in Tucson Industrial Market

Industrial gears turning

As we entered the second quarter of 2015, key drivers for the Tucson industrial market included logistics and call centers, with the mining industry preparing for the next wave.
Tucson’s unemployment rate dropped 0.3 percentage point to 5.6% in February, considered close to full employment. That being said, the slow pace of job growth remained of primary concern and impeded stronger market progress.


Positive net absorption of 255,000 square feet (sf) marketwide during the first quarter improved overall vacancy one-half percentage point from 10.7% at year-end to 10.2%.  This represents the third consecutive positive quarter. While up 3.0% year-over-year, the Tucson economy has not regained enough traction to improve effective rates measurably. Activity and lease interest remained fair, with the most activity under 10,000 sf.

describe the image

Creative Brokerage Brings HomeGoods Tucson Distribution Center | RE Daily News

Rob Glaser PICORThere has been much written about the new HomeGoods Tucson distribution center lately. What hasn’t been told until now, is the creative brokerage it took by a group of real estate professionals to assemble the land for the HomeGoods Tucson deal to come together.  It really started almost two years earlier, when the Massachusetts-based TJX Companies, HomeGoods’ parent company, broadcasted its requirements for a 100-acre site appropriate for a new western regional distribution center to be built.

Rob Glaser, CCIM, SIOR, Principal at Cushman & Wakefield | PICOR credited as the mastermind behind this real estate assemblage told us when he first heard of the requirement it was just his intuition that told him Tucson would be an ideal place for the company.

describe the image

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.

describe the image

Keeping Score: New TAR Scorecard tracks Tucson real estate market metrics

Tucson housing construction

The TAR Scorecard gathers data from different sources to present a broader, comprehensive view of the overall real estate-housing and development market. The objective is to identify emerging trends in various subsectors. Viewed separately, these subsectors may not appear to be interrelated.  But over time, the data ultimately converges to affect the performance of the entire market.

describe the image

North American Industrial Market Statistics

Industrial Rent & Vacancy

From Vancouver, B.C. with the lowest tracked vacancy rate to Birmingham, Alambama with the highest, Cushman & Wakefield has compiled statistics on the North American industrial markets. Where does yours stack up against the field of primarily U.S. cities and industrial markets?

describe the image

State of the Tucson Commercial Real Estate Market: Facts & Forecasts

Tucson Commercial Real Estate Forecast 2013

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.

describe the image

Economic Stimulus: Fee Credits for New Development in Pima County

Tom Nieman PICOR Tucson office broker

On Wednesday, Metropolitan Pima Alliance (MPA) announced Pima County's approval of fee credits for prior new development. When considered with last month's change in connection fee structure for new construction, the comprehensive changes that MPA was able to negotiate with Pima County will certainly save Tucson-area commercial real estate owners and investors substantially when doing new ground-up construction or completing tenant improvements.  These actions are well-timed, as we hope to see increased momentum in the volume of new construction and commercial real estate transactions.

describe the image

All Posts

Your email: