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A Tale of Three Cities: Tucson, Albuquerque & El Paso - Guest Post

  
  
  
Tucson Albuquerque El Paso Map

The purpose of this report is to show the strengths and weaknesses of Tucson, Arizona and its sister cities, Albuquerque, New Mexico and El Paso, Texas. The three cities are sisters since they have many commonalities including climate, population size, and each city having a military base and a university. The stats and data shown herein are used to illustrate the bigger picture and may not reflect exact figures.

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Velocity up in the Tucson industrial market

  
  
  
Velocity

The national economy picked up in demand following the extreme winter. While statewide job gains are expected to outpace the nation in 2014, post-recession job recovery locally has lagged, leaving job creation the most pressing demand driver. March unemployment in Tucson was 6.6%, which was under both the state’s rate of 7.3% and the U.S. 

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Business attraction in Tucson builds on small business success

  
  
  
Tucson business attraction

While perhaps not significant in numbers of new jobs by most standards, recent employer relocations to greater Tucson signal a positive trend. With 2013's positive absorption in the Tucson industrial market fueled by expansion of local, small businesses, business attraction points to our market's affordability and workforce readiness. 

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Tucson Industrial Market Snapshot: Thank You, Small Business

  
  
  
Warehouse Doors Tucson Industrial

With Tucson and Arizona post-recession job recovery lagging the nation, the Tucson industrial market sneaked in progress throughout 2013 in bite-sized increments, fueled by the health of startups and other small businesses. Available buildings over 100,000 square feet (sf) were the market’s enduring opportunity, while market drivers included activity in the mining sector and refocus on trade and logistics.

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2013 Tucson Commercial Real Estate Market in Review

  
  
  
Tucson market statistics

Don't want to digest reams of stats on the Tucson commercial real estate market's state of affairs? We've got short snapshots for you here. That being said, if you enjoy diving into that statistical stuff, say the word, and we'll send some your way...

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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. 

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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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Mid-Year Tucson Industrial Update: Dare we say positive?

  
  
  
Tucson industrial market

Arizona job growth outpaced the nation since hitting bottom in fall 2010, but is still digging out of the significant hole left by job losses during the downturn. Much of the growth focused on Phoenix while Tucson’s progress was less robust. Local unemployment rates continued to improve ending May at 6.3%, a full percentage-point improvement since January 2013. Retail sales in the metro area increased 2.1% year over year and May home sales rose with median prices up 12.0% and closings up 11.0%, both over May 2012.

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US Retail Sales vs. Industrial Leasing Activity | CushWake Industrial Research

  
  
  
US Retail Sales vs Industrial Leasing Activity

The rise in United States retail sales bodes well for industrial leasing, as the latest "fact of the week" released by Cushman & Wakefield's research team indicates: 

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Tucson industrial market: Back-to-back quarters of strong activity

  
  
  
Tucson industrial market statistics

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.

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