Anchored centers in Tucson continued their long-standing success, and well-positioned projects like Park Place Mall trade area’s Wilmot Plaza reported some of the strongest rents and lease-ups in recent years. Tucson's southwest submarket posted continued strong demand from retailers, entertainment venues, and restaurants.
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Topics: Tucson, Economy, Commercial real estate, Investment property, Leasing, Retail
Tucson’s industrial vacancy continued its positive trajectory, improving by 50 basis points over Q2 2016 to end at 8.1%, the lowest level recorded since Q4 2008. With the completion of HomeGoods’ 858,288-square-foot (SF) distribution center, total net absorption to date in 2016 exceeded 1.2 million square feet (MSF), marking the first year over one MSF since 2006.
Read MoreTopics: Tucson, Industrial, Economy, Commercial real estate, Investment property, Leasing
As a result of steady, organic recovery and job growth, surplus and sublease office space in the Tucson market has largely shaken out. Overall market vacancy hovered around 12.0% for six solid years. At its current 11.5%, Tucson office vacancy is at the lowest point since Q4 2009. The data reveal a strong differential between older and newer buildings, with those built prior to the new millennium sitting at 13.9% vacant, and those built since 2000 enjoying a much healthier 6.0% vacancy. Absorption for the year is on pace to exceed the prior two years, standing at 289,278 square feet (SF) through the end of Q3.
Read MoreTopics: Tucson, Economy, Commercial real estate, Investment property, Leasing, Office, Medical office
Earlier this month, our team was honored to win the Copper Cactus award for Best Place to Work (companies 31-75 employees). We couldn't be more thrilled, as this recognition belongs to every member of our company. Our team strives to exceed our clients' expectations, with a tremendous work ethic in a culture of fun. This is our seventh Copper Cactus Award since the program's inception, with past awards in Community Service, Business Growth, as well as an Innovation award finalist.
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