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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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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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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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Say "Ah:" Our Diagnosis for the Tucson Office Market

  
  
  
Tucson Medical Office Heart stethoscope

Thanks to healthcare demand, the Tucson office market has a heartbeat. By increasing the number of insured citizens, coupled with a growing aging population, the Affordable Care Act is anticipated to be a key demand driver for Tucson medical space. The activity level of behavioral health tenants in the Tucson office market has particularly blossomed. Overall, post-recession job recovery locally has lagged the nation and state as a whole, leaving job creation the most pressing demand driver.

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Tucson Office Market Snapshot: Silver Linings

  
  
  
Tucson office silver lining

With Tucson and state-wide post-recession job recovery lagging the nation, the local office market continued to rely on silver linings. Residential sales volume and median prices ended the year higher (14.0% and 7.1%, respectively), as positive recovery continued in the housing market.

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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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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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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 office market Q2: Is the needle stuck?

  
  
  
Tucson office market: Is the needle stuck

Arizona job growth has 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. While Phoenix has experienced much of this growth, Tucson has not enjoyed the same progress. Local unemployment rates continue to improve ending May at 6.3%, a full percentage point improvement since January 2013. Retail sales in the metro area were up 2.1% year-over-year, and May home sales posted positive numbers with median prices up 12% and closings up 11%, both over May 2012.

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