PICOR Connect | Trends in Commercial Real Estate

Ever grateful for our team. Read what they are thankful for.

Posted on Wed, Nov 27, 2013

So many things to love about Thanksgiving. We love the time of reflection, and many of our team members contributed their sentiments and family photos to share what they are thankful for. Take a peek at this short slide show, and accept Thanksgiving blessings from our family to yours.

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Topics: Tucson, Commercial real estate, Community, Leadership

Tucson Multifamily: Student Housing & Class A Construction Lead the News

Posted on Wed, Nov 13, 2013

Operating fundamentals continued to slowly improve in Tucson with modest decreases in vacancy, positive absorption, a small increase in rental rates and some continued decline in rental concessions. Average vacancy dropped from 9.4% to 9.3% and the average rental rate essentially held steady, averaging $635. In a continuation of a four-year trend, higher occupancies and stronger increases in rental rates occurred in submarkets with higher-grade properties. The Northwest, Catalina Foothills, and Northeast submarkets, which have the strongest demographics in the region, had the lowest submarket vacancies in Tucson.

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Topics: Tucson, Housing, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Development, Construction, Apartments, Multifamily

Tucson Retail Market: Just How Good is it?

Posted on Wed, Nov 06, 2013

Arizona job growth outpaced the national rate as the state continued to recover. Statewide improvement in job gains will have a positive effect on all Arizona markets. According to Forbes magazine and Moody’s Analytics, Arizona ranks No. 1 nationally for projected job growth over the next five years, forecasted to increase 3.0% with an annual economic growth of 4.6%. The housing recovery statewide positively impacted construction jobs in both Phoenix and Tucson, with the volume of building permits strengthening. Conventional lending is recovering, and inventory remained below the balance point at 3.5 months, while finished lot supply is scarce.

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Topics: Tucson, Commercial real estate, Economic development, Investment property, Market trends, Vacancy, Lease rates, Leasing, Retail