Despite extensive media coverage of the Arizona–Sonora region painting a less than rosy picture, many positive things are happening in the border states.
PICOR Connect | Trends in Commercial Real Estate
2011 proved to be a better year for Tucson industrial property owners than the previous year. Occupancy levels were up: The average occupancy percentage for PICOR's managed industrial portfolio of 1.5 million square feet (sf) for 2011 was 78%, up from 71% in 2010. Property managers continue to operate their properties with a sharp eye to the bottom line, without sacrificing service levels. Pricing from service vendors has remained constant, and we have continued to leverage PICOR's buying power in the market to benefit owners and tenants of Tucson commercial real estate.
The recessionary years in Tucson’s office market are best characterized by uncertainty and stagnation. As the sprouts of recovery begin to emerge, a sense of stability is present for the first time since 2008. That being said, it is a tentative recovery, far from robust.
A delegation of BOMA Tucson and BOMA Phoenix members represented member issues as part of Arizona BOMA Advocacy Day in Phoenix last week. The group included Arizona BOMA President and Cushman & Wakefield | PICOR Property Manager, Mona Deane, who offers this summary of the Arizona legislative office visits.