On May 1, Reis published data and reports for both the month of March and for the first quarter of 2013.* The following is an update on the Tucson office market and the Phoenix office market and trends to watch. 

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.

Our team members have been active and visible in support of the market and industry. Read on for recent and upcoming events featuring Cushman & Wakefield | PICOR's professionals.

Guest post from Tucson Regional Economic Opportunities (TREO), on the launch of a new economic development strategy focused on the strengths of southern Arizona diagnostics.

Geography, cost and a new attitude. Those three ingredients have put Tucson in the national spotlight for companies looking for markets with distribution hubs, a new report shows. Tucson is one of the least expensive cities in which to operate a distribution warehouse and its proximity to key U.S. and international markets makes it attractive to companies looking to expand or relocate, says the report by The Boyd Co. Inc. of Princeton, N.J.

We hopped onto Tucson Regional Economic Opportunities' (TREO) website this week and found that three positive Tucson economic development and employment stories came rapid fire, within a week of each other.

We like a concise weekly snapshot of economic activity that hits both the national and regional scenes, and thought we would share Elliott Pollack & Company's latest with you. This week, Elliott Pollack & Co. weigh in on some positive national indicators and sequestration's impact on Arizona. 

As the recovery slowly continues and the dust settles, we are seeing some clear and notable patterns. While overall Tucson vacancy rates have climbed from an all-time low of 3.1% in 4Q 2005 to a high of 8.8% in 1Q 2011, not all properties have fared equally. As landlord requirements on credit have loosened and occupancies see a shift from national to local tenants, a consistent “flight to quality” has occurred. Tenants are moving from mid-block, unanchored shopping centers to anchored--largely corner--properties, creating a dichotomy in occupancies and lease rates for these two distinct types of centers.