While not enjoying job recovery on pace with the national average, metro Tucson added 3,300 jobs year-over-year through August. Educational/Health Services and Professional/ Business Services accounted for 78.8% of the job growth, with unemployment improving significantly to 5.3% by September.
PICOR Connect | Trends in Commercial Real Estate
Comcast Cable recently signed a lease for the former American Home Furnishings building near the Tucson Mall for its new IT, call center and social media operations. The company announced its plans to add 1,125 jobs in May. With an annual payroll of $35 million, the facility will be staffed by IT and customer-support workers. The center will house Spanish-speaking employees specializing in social media so customers can connect with Comcast via Twitter, Facebook or other outlets. One of the major decision factors for selection of the Tucson Galleria site was based upon the convenient commuting options to the building.
In our first installment of the Metro Tucson Employment Report, note that according to August 2015 figures, Metro Tucson unemployment stood at 6.2% with 0.9% job growth over a 12-month period. Relative to the ten U. S. cities with most comparable MSA ranking, Tucson's job growth ranked ninth.
Tom Knox retires from Cushman & Wakefield | PICOR, after twenty years of service, on September 30, 2015. An integral member of the office division and a principal/ shareholder, Tom's quality of thought and contributions made an indelible mark on our culture. Much of C&W | PICOR's success can be directly attributed to Tom's leadership, and his contributions will always be valued and remembered. His tireless work, commitment, and dedication are worthy of admiration.
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. Moody’s forecasts Tucson’s year-end unemployment to be under 5.7%, with improvement continuing through 2016 and 2017.
Commercial real estate markets across the U.S. continued to improve in the second quarter. One important reason for this has been rising employment driving higher demand. That trend continued in July.
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.
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.
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.
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.