PICOR Connect | Trends in Commercial Real Estate

Tucson Industrial Market Review & Outlook

Posted on Tue, Feb 12, 2019

Positive momentum continued its five-year trend in 2018 in the Tucson industrial market, with vacancy improving to 5.7%, cut in half from its highest point in recent years. At year end, vacancy was lowest in the city center at 1.5% and highest in the Southwest/Airport area at 12.8%. Net absorption was 50.4% stronger than in 2017, and thanks to Amazon’s two projects, space under construction has quadrupled year over year. Significantly, Amazon is entering the market with an 850,000 square foot (sf) distribution center under construction in the southeast sector and a new 50,000 sf service center in the southwest.

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Topics: Tucson, Industrial, Economy, Commercial real estate, Economic development, Market trends, Vacancy, Lease rates, Logistics, Manufacturing

Are These the Best of Times?

Posted on Thu, Feb 07, 2019

Trends in the commercial real estate sector often parallel a community’s economic health, and the Tucson business climate is no exception. Industry metrics like vacancy rates, rent trends, and sale prices can track with business sentiment and performance, providing a helpful barometer of the times.

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Topics: Economy, Commercial real estate, Economic development, Market trends, Leasing, Development, Construction

C&W | PICOR Tucson Retail Specialists Promoted

Posted on Mon, Jan 14, 2019

Cushman & Wakefield | PICOR is pleased to announce Dave Hammack and Aaron LaPrise have achieved shareholder status. The two high-performing commercial real estate brokerage professionals are both Tucson natives active in the International Council of Shopping Centers (ICSC) and join the existing 14 C&W| PICOR principals in January 2019. 

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Topics: Tucson, Commercial real estate, Community, Retail, Leadership

Arizona Native Molly Gilbert Joins C&W | PICOR Office Team

Posted on Fri, Jan 11, 2019

After a 17-year career with the University of Arizona Tech Park, Molly Gilbert joined Cushman & Wakefield | PICOR specializing in the sale and lease of Tucson office properties. While at the Tech Park, she led many initiatives, including Community Engagement efforts, managing community, government, university, and tenant relations. Molly is a co-founder of the Arizona Center for Innovation, one of the oldest business incubation programs in the state. She helped start numerous initiatives designed to bring stakeholders together and promote workforce development including the Arizona Business Incubator Association, Next Steps for Vets, Tucson Innovation Partnership, and Racing the Sun. She has written grants resulting in over $5 million in federal funding. Molly was the project manager for The Bridges and oversaw the construction of infrastructure improvements on the property. She has also worked as a middle school educator, retail store manager, and entrepreneur.

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Topics: Tucson, Commercial real estate, Community, Office, Leadership, Medical office

Regional Infrastructure: An Important Issue in 2019: TREND Report

Posted on Mon, Jan 07, 2019

Over the last year, education was the most visible issue in Arizona.  But, if you were watching closely, infrastructure and water issues were discussed and debated throughout the state as well.  In some cases progress was made, in others, the conversations continue. In the opening weeks of the 2019 Arizona legislative session, two infrastructure issues dealing with water and highway funding will take center stage. 

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Topics: Tucson, Economy, Economic development, Transportation, Construction, water

$72,000 Awarded to Tucson Youth-Serving Charities

Posted on Mon, Dec 17, 2018

With thanks to countless donors, the PICOR Charitable Foundation (“PCF”) awarded a record $72,000 in grants last week. Thanks to generous in-kind community partners and PICOR’s corporate underwriting, 100% of the funds raised were granted to youth-serving programs, and many attendees and applicant agencies received complimentary breakfast tickets from the 24th Annual Pancake Breakfast.

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Topics: Tucson, Community

Accessing Arizona’s Opportunity Zones: Guest Post

Posted on Wed, Sep 05, 2018

A bipartisan measure tucked into the 2017 federal tax law is providing a significant opportunity for investors to reduce their capital gains taxes while spurring economic growth in designated areas of Arizona.

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Topics: Tucson, Economy, Economic development, Community, Investment property, Distressed assets, Finance

Mid-Year Tucson Office Market Review

Posted on Thu, Jul 26, 2018

Improvement in the Tucson office market's performance continued into Q2 2018. Positive year-to-date absorption of 146,400 square feet (sf) improved the overall market vacancy a full 50 basis points to 8.4% from last quarter’s 8.9%. Vacancy reached its lowest mark since Q3 2008.

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Topics: Tucson, Economy, Commercial real estate, Absorption, Lease rates, Leasing, Office, Medical office

Reuter Elected Tucson Metro Chamber Board Chair

Posted on Wed, Jul 18, 2018

The Tucson Metro Chamber announces the election of the 2018-19 board chair, six new board members and the full slate of board members.

The Tucson Metro Chamber board of directors elected Barbi Reuter, president for Cushman & Wakefield | PICOR, as chair of the board for the 2018-2019 term. Reuter has held a seat on the board of directors since 2016 and has volunteered countless hours working with the Chamber on business and community issues. 

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Topics: Tucson, Economy, Commercial real estate, Economic development, Community

A Tale of Three Cities - Revisited

Posted on Tue, Jun 19, 2018

The purpose of this report is to show the strengths and weaknesses of Tucson, Arizona and its sister cities, Albuquerque, New Mexico and El Paso, Texas. The three cities are sisters since they have many commonalities including climate, population size, and each city having a military base and a university. The stats and data shown herein are used to illustrate the bigger picture and may not reflect exact figures.

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Topics: Industrial, Commercial real estate, Economic development, Office, Retail