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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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Tucson Industrial Market Mid-Year: The Good, the Bad & the Ugly

  
  
  
Tucson industrial good bad ugly

For the sake of ending on a positive note, let's do the good, the bad, and the ugly in reverse for this mid-year Tucson industrial market overview: 

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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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The Arizona-Sonora Region: Global Advantage and More

  
  
  
Governors Brewer and Padres

The Arizona México Commission held its semi-annual forum last week in Scottsdale with the theme "Are You Ready for International Business?" Because Cushman & Wakefield | PICOR has a decade-long commitment to cross-border commercial real estate, we thought it timely to share an update on the Sonora, Mexico commercial real estate environment and efforts promoting the Arizona-Sonora Region.

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Steady as she goes: Tucson's apartment market continues modest improvement

  
  
  
Tucson Apartment Chart

The Tucson apartment market has been remarkably steady for the past few years with occupancy remaining in the 90% to 91% range and rents slowly edging higher. Rental concessions have also continued to improve modestly, helping to boost property operating incomes.

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Retail therapy for Tucson's shopping center market

  
  
  
Tucson shopping retail

A continued rebound in consumer confidence, both nationally and locally, has fueled positive momentum in the Tucson retail market. Other market drivers have been material to the overall health of the retail market. These include an increase in housing demand, marked decrease in foreclosure filings, and national recognition for Tucson’s secondary education, with two local high schools ranked in the country’s top ten, as well as a National Blue Ribbon high school.

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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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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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Mission Strong: Supporting our Southern Arizona military assets

  
  
  
Mission Strong AZ

Beyond a shadow of a doubt, national defense is an integral and critical component of Tucson's economy. Recent research and a campaign to support and preserve our military presence has emerged as "Mission Strong." Here are some excerpts from the Mission Strong website:

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