In the midst of ICSC's RECon, the retail real estate industry's largest deal making event, statistics continue to support the relationship between retail sales and the demand for industrial real estate. That being said, local growth remains tepid. However, as always, national trends and cycles will come to impact the Tucson market.
PICOR Connect | Trends in Commercial Real Estate
Going intermodal: Among the many quality industrial real estate options available to Tucson businesses, with its rail-served warehouse and manufacturing facilities, Century Park Research Center stands out as a unique option.
Highlights from our first quarter 2011 office market presentation at the Pima County Real Estate Research Council on May 5, 2011.
Forgive us a little self promotion...
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 preferences begin to 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.