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.Read More
PICOR Connect | Trends in Commercial Real Estate
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.Read More
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.”
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.Read More
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.Read More
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.
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.Read More
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%.
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.Read More
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 More