On October 12, 2014 Cushman & Wakefield | PICOR will mix, pour, flip and serve as many pancakes as you can eat. The proceeds of this annual fund raising event go directly back into our community. Our goal is to distribute funds collected from generous clients, colleagues, vendors and community friends to those Tucson-area charities benefiting disadvantaged youth where a modest grant will make a significant difference. Often, these are programs and organizations which may receive less public support than their counterparts.
PICOR Connect | Trends in Commercial Real Estate
Let’s take a look at what Tucson features for national investors. Tucson has the large investment properties to offer. The largest transactions in the past decade have generally comprised of apartments, resorts, regional malls, power centers, and student housing projects.
One of the largest investments occurring is the ‘gigabit’ service through CenturyLink. This is a fiber optic internet and data service that began on August 18, 2014. The service is aimed at small-to-medium-sized businesses and will initially be available at multi-tenant office buildings and surrounding areas. To name a few of the benefits of ‘gigabit’, the service allows for faster streaming, download speeds, and cloud services. This will likely attract new employers to the area given the advantage in communication and production of employees.
Another recent investment is the Tucson Airport, which has already broken ground on the new FAA Air Traffic Control Tower. The tower is a $42 million federal investment. The new tower will be twice as tall as the existing one and will also include a base building and adjacent solar farm.
The city has and will continue to reap benefits of the Regional Transportation Authority plan approved by Pima County voters in May of 2006. The roadway and transportation projects will occur over a 20-year span and cost taxpayers $2.1 billion. The project includes widening roadways, new overpasses, and the street-car. Many of the road widenings have already been completed as well as the street-car project, easing traffic commutes and improving quality of life for residents and employees.
Downtown Tucson is currently going through a renaissance. The downtown began revitalization when Unisource decided to build their headquarters there in 2010. Since then, the streetcar has been completed, and the 4th Avenue underpass had undergone a major redevelopment with new sidewalks, bike lanes, and driving lanes. New developments in downtown include student housing projects, restaurants and bars, and a shared office space. Furthermore, there are plans for new hotels, a grocery store, office buildings, retail, restaurants/bars, apartments and housing. The downtown has been and will continue to evolve over the next decade.
Large Real Estate Transactions
Overall, we remain confident that consumers will continue to increase spending at a healthy clip, which will boost the need for both retail and industrial space int he coming year.
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.