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A Midsummer Night's Dream for the Tucson Industrial Market

  
  
  
Steady progress for tucson industrial market

Pinch us... Tucson's industrial vacancy is nearing single digits and ended the year's midway point 1.6 percentage points healthier than a year earlier. Read more in our Q2 2015 Tucson Industrial MarketBeat.

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Gears Turning in Tucson Industrial Market

  
  
  
Industrial gears turning

As we entered the second quarter of 2015, key drivers for the Tucson industrial market included logistics and call centers, with the mining industry preparing for the next wave.
 
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 remained of primary concern and impeded stronger market progress.

LEASE MARKET

Positive net absorption of 255,000 square feet (sf) marketwide during the first quarter improved overall vacancy one-half percentage point from 10.7% at year-end to 10.2%.  This represents the third consecutive positive quarter. While up 3.0% year-over-year, the Tucson economy has not regained enough traction to improve effective rates measurably. Activity and lease interest remained fair, with the most activity under 10,000 sf.



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Creative Brokerage Brings HomeGoods Tucson Distribution Center | RE Daily News

  
  
  
Rob Glaser PICORThere has been much written about the new HomeGoods Tucson distribution center lately. What hasn’t been told until now, is the creative brokerage it took by a group of real estate professionals to assemble the land for the HomeGoods Tucson deal to come together.  It really started almost two years earlier, when the Massachusetts-based TJX Companies, HomeGoods’ parent company, broadcasted its requirements for a 100-acre site appropriate for a new western regional distribution center to be built.

Rob Glaser, CCIM, SIOR, Principal at Cushman & Wakefield | PICOR credited as the mastermind behind this real estate assemblage told us when he first heard of the requirement it was just his intuition that told him Tucson would be an ideal place for the company.

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Finger on the pulse: Tucson's Industrial Market

  
  
  
Industrial Warehouse

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%. Personal income rose 2.7% locally over a year earlier. HomeGoods, a division of TJX Companies, announced intent to open its 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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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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Commercial Warehouse Demand Ramps Up in Ambos Nogales Trade Corridor

  
  
  
Ambos Nogales warehouses trucks

Nogales, Ariz. is witnessing increased demand for international trade warehouse space and property with the upcoming $244 million expansion of the Mariposa Port of Entry. The Nogales Santa Cruz Port Authority works with key stakeholders in the Nogales community, including commercial land developers and Realtors®, to enhance economic development in the Nogales-Santa Cruz County region.

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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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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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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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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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