PICOR Connect | Trends in Commercial Real Estate

Aerobic Activity for the Tucson Office Market in 2016

Posted on Fri, Jan 27, 2017

You know that feeling when exercise elevates your heart rate? Well Tucson is finally feeling it. Over the course of 2016, the Tucson office market moved from having a pulse to having more fun. In 2016, the market posted its strongest post-recession occupancy gains, ending with available vacancy of 10.5%, a level not achieved in seven years.

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Topics: Tucson, Investment property, Lease rates, Leasing, Office

Project Prosperity – Business & Government Working Together to Create Jobs: Guest Post

Posted on Wed, Jan 25, 2017

In a 2014 Tucson Metro Chamber survey of local business executives called the Business Expansion and Retention (BEAR) Report, the Chamber learned that the interface between the City of Tucson and the private sector needed some refinement so it could operate more smoothly and help more job creators open their doors. 

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Topics: Tucson, Economy, Economic development, Community, Investment property

Barbi Reuter Named President of Tucson's Cushman & Wakefield | PICOR

Posted on Tue, Jan 03, 2017

TUCSON, ARIZ.- (Jan. 3, 2016)- On Jan. 1, 2017, Barbi Reuter took over as President of the Tucson-based commercial real estate firm, Cushman & Wakefield | PICOR, where she previously served as the company’s Chief Operating Officer (COO). Founder and managing shareholder Mike Hammond will remain with the company, serving as its CEO and chairman.

“Barbi’s promotion to President is the natural step forward for Cushman & Wakefield | PICOR,” said Mike Hammond. “Barbi’s focus on relationships and client solutions will further the model we established when we began the company in 1985, while also helping us to create new market opportunities, leverage Cushman & Wakefield’s resources for our clients’ benefit, and advance recruiting and employee development.”

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Topics: Tucson, Community, Leadership

State of the Tucson Office Market: TREND Report

Posted on Thu, Dec 08, 2016

The office leasing market has been fragile for some time. Out of all the commercial real estate sectors, office seems to be last to the finish line of recovery. Overall the health of the office market is a reflection of the state of Tucson’s economy, specifically jobs.

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Topics: Tucson, Commercial real estate, Investment property, Office, Medical office

PICOR Charitable Foundation & Community Partners Give $50,000 To Tucson Youth-serving Charities

Posted on Tue, Nov 29, 2016

With thanks to countless donors and over 2,000 breakfast attendees, the PICOR Charitable Foundation (“PCF”) awarded $50,000 in grants in November, representing 100% of the proceeds from the 22nd Annual Pancake Breakfast. The Tucson-based firm and its foundation remain humbled to continue making an impact on the region’s youth via this annual event and effort.

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Topics: Tucson, Community

Still Rolling: Tucson Metro Chamber Guest Post

Posted on Thu, Nov 17, 2016

There is a powerful chapter in the bestselling book Good to Great that describes an amazing phenomenon called the flywheel effect.  In the context of the book, the flywheel effect is the relentless and steady achievement of small things that lead to long term achievement of great things.

When you were a kid you might have played with a real flywheel called a gyroscope.  It’s a heavy wheel connected to an axis (axel) and spun like toy top.  Once spinning the gyroscope kept spinning until friction ultimately reduced its RPMs to a point where it lost momentum, began to wobble and ultimately fell over at a dead stop.

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Topics: Tucson, Economy, Economic development, Community

Employment in Tucson: Fun Again! ~ TREND Report

Posted on Tue, Nov 08, 2016

Finally. It’s getting brisk! Not just fall in the air (or the closest it comes in the Sonoran Desert), but a sense that Tucson has truly turned the corner. It’s a time when economic momentum is palpable, and good news comes in long jump strides—not in the inches of years past. We can stop pinching ourselves for a moment and celebrate this, relish it, then build on it. We deserve to bask in some abundant sunshine.

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Topics: Tucson, Economic development, Community

Across-the-Board Improvement for Tucson Apartment Market

Posted on Wed, Nov 02, 2016

Tucson’s apartment market experienced positive growth in all of the market indicators from the previous quarter. The vacancy rate for stabilized units improved by 0.56% from the previous quarter to a rate of 6.27%. 

 

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Topics: Tucson, Economy, Commercial real estate, Investment property, Leasing, Apartments, Multifamily

Gains for Tucson Retail Market as Economy Reshapes

Posted on Fri, Oct 28, 2016

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 Industrial Market Posts Stellar Absorption Q3

Posted on Tue, Oct 25, 2016

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.

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Topics: Tucson, Industrial, Economy, Commercial real estate, Investment property, Leasing