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Tucson Office Market Snapshot - Q2 2015

  
  
  
Office   Downtown Tucson by Will Dobbs cropped

Home prices increased in June, thanks to inventory at a 21-month low coupled with steady consumer demand and favorable interest rates. U. S. consumer confidence was up significantly, and personal income statewide slightly outpaced the rate of gain nationally.

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Healthcare Remains the Big Story in Tucson's Office Market First Quarter

  
  
  
Tucson MOCA Will Dobbs

As you will read in our quarterly Tucson office market update, healthcare remains the big story in the market in 2015. From an economic standpoint, 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 is still of primary concern and impedes stronger office market progress.

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Tucson Office Market: Come Fly with Me

  
  
  
Kleiner Tucson office 2015

Cushman & Wakefield | PICOR's Rick Kleiner, MBA, won the 24th annual Southern Arizona CCIM Forecast competition for most accurately predicting the Tucson office vacancy at year end. What follows is the transcript and slides from his recent presentation to the CCIM chapter forecast. Be sure not to miss the aerial video tour of Tucson at the end of this post!

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Tucson Office Market: 2014 Recap and 2015 Forecast

  
  
  
Office Building

From an economic standpoint, Metro Tucson ended November with a total of 372,000 non-farm jobs, gaining 5,200 jobs year-over-year (YOY), an annualized job growth rate of 1.4%. Growth in home prices began to flatten, with a 4.6% gain in median selling price in 2014. HomeGoods, a division of TJX Companies, announced interest in opening a western distribution center in Tucson, a proposed 800,000-square-foot (sf) facility with an estimated economic impact of nearly $900 million. HomeGoods received Pima County approval and awaits a tax incentive decision from the City in February. The real estate is being brokered in part by Cushman & Wakefield | PICOR.

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Tenant Relations: A Perennial Value Add

  
  
  
priceless

To borrow from MasterCard’s 17-year ad campaign run, some things are priceless. Retaining a tenant is one of them. Cleaning and refitting a space to show, vacancy carrying cost, marketing and advertising fees, commissions and incentives, lease concessions to entice a new tenant? In a market like Tucson’s where competition for tenants remains fierce, keeping them truly is priceless, and it cannot begin as the expiration date is upon you.

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Industrial Update: Tucson 3Q Absorption Moves 2014 in the Black

  
  
  
Tucson industrial market

With an improving national economic and employment picture slowly lifting all boats, the Arizona and Tucson employment rates followed suit; statewide employment was up 2.1% over a year ago. Residential inventory continued to stabilize and median sale prices gained 6.2% over prior year. Shared Services Center’s expansion announcement netting 200 new jobs made a positive statement about Tucson as a location to service western states.

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Tucson Office Market future looks bright (Debbie Downer has left the building)

  
  
  
Tucson office bright future

With an improving national economic and employment picture lifting all boats, the unemployment rate for Arizona and the Tucson metro area followed suit. Home sales inventory continued to stabilize and median sale prices gained 6.2% over prior year. Shared Services Center’s expansion announcement netting 200 new jobs made a further positive statement about Tucson as a location to service western states.

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Wind in the Retail Sails/Sales: Tucson Retail Market Update

  
  
  
Tucson retail wind in the sails

At 2014's midway point, the Tucson retail market continued its positive performance. Read more, as we detail the highlights for the quarter.

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Market Minute: Briefs on the Tucson Commercial Real Estate Markets

  
  
  
Tucson commercial real estate

The unemployment rate for the Tucson metro area as of May 31st was 5.8%, 60 basis points (bps) lower than year end and 50 bps below the national rate. Decreased government spending impacted both Tucson’s market momentum and activity. Home prices and inventory flattened in the second quarter, while the inventory of Tucson residential listings increased.

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Office Market Mojo: Tucson's is Ticking Up

  
  
  
Bright outlook for Tucson office market

If our firm’s revenue and activity are indicative of the market, Tucson office market momentum has clearly increased, with annualized lease and sale transactions up 44.7% over 2013. Our team was busy helping clients position themselves to best avail themselves of opportunities, with regard to pricing and availability whether for lease or investment. With continued tepidness in job growth, creativity and resourcefulness ruled the day.

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