PICOR Connect | Trends in Commercial Real Estate

How's your appetite? Food retailers hungry for Tucson retail sites

Posted on Thu, Nov 06, 2014

With an improving national economic and employment picture slowly lifting all boats, the Arizona and Tucson employment rates followed suit; statewide employment was up 2.1% over a year ago. Residential inventory continued to stabilize and median sale prices gained 6.2% over prior year. Shared Services Center’s expansion announcement netting 200 new jobs made a positive statement about Tucson as a location to service western states.

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Topics: Tucson, Commercial real estate, Investment property, Absorption, Vacancy, Retail

Tucson Office Market future looks bright (Debbie Downer has left the building)

Posted on Tue, Oct 21, 2014

With an improving national economic and employment picture lifting all boats, the unemployment rate for Arizona and the Tucson metro area followed suit. Home sales inventory continued to stabilize and median sale prices gained 6.2% over prior year. Shared Services Center’s expansion announcement netting 200 new jobs made a further positive statement about Tucson as a location to service western states.

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Topics: Tucson, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Lease rates, Leasing, Office, Medical office

Tucson: A Hotbed for Apartment Investors | Q2 Market Snapshot

Posted on Tue, Aug 26, 2014

The second quarter of 2014 saw historic progress in absorption and vacancy figures. 235 units were absorbed in the second quarter of the year with the largest gain in South Central Tucson. Downtown Tucson had all the buzz, and many prospective residents were looking for properties within this submarket. The overall vacancy rate dropped 0.28% to a very encouraging 9.05% at the year’s midway point. The net rents for the Tucson market continued to stay flat with no gain over the last six months. Tucson sales were averaging $639 per unit and $0.86 per sf (without utilities) in Metropolitan Tucson. The highest average rent was found in the Oro Valley/Catalina submarket at an average of $838 per unit. The lowest average rent of $512 per unit was found in the South Tucson/Airport area.

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Topics: Tucson, Housing, Commercial real estate, Investment property, Absorption, Vacancy, Apartments, Multifamily

Wind in the Retail Sails/Sales: Tucson Retail Market Update

Posted on Tue, Aug 19, 2014

At 2014's midway point, the Tucson retail market continued its positive performance. Read more, as we detail the highlights for the quarter.

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Topics: Tucson, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Lease rates, Leasing, Retail

Tucson Industrial Market Mid-Year: The Good, the Bad & the Ugly

Posted on Thu, Aug 07, 2014

For the sake of ending on a positive note, let's do the good, the bad, and the ugly in reverse for this mid-year Tucson industrial market overview: 

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Topics: Tucson, Industrial, Investment property, Absorption, Market trends, Vacancy, Lease rates, Warehouse

Market Minute: Briefs on the Tucson Commercial Real Estate Markets

Posted on Thu, Jul 31, 2014

The unemployment rate for the Tucson metro area as of May 31st was 5.8%, 60 basis points (bps) lower than year end and 50 bps below the national rate. Decreased government spending impacted both Tucson’s market momentum and activity. Home prices and inventory flattened in the second quarter, while the inventory of Tucson residential listings increased.

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Topics: Tucson, Industrial, Commercial real estate, Economic development, Investment property, Absorption, Market trends, Vacancy, Lease rates, Leasing, Office, Medical office, Apartments, Multifamily

Office Market Mojo: Tucson's is Ticking Up

Posted on Wed, Jul 16, 2014

If our firm’s revenue and activity are indicative of the market, Tucson office market momentum has clearly increased, with annualized lease and sale transactions up 44.7% over 2013. Our team was busy helping clients position themselves to best avail themselves of opportunities, with regard to pricing and availability whether for lease or investment. With continued tepidness in job growth, creativity and resourcefulness ruled the day.

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Topics: Tucson, Commercial real estate, Economic development, Absorption, Market trends, Vacancy, Lease rates, Leasing, Office, Medical office

Steady as she goes: Tucson's apartment market continues modest improvement

Posted on Wed, May 28, 2014

The Tucson apartment market has been remarkably steady for the past few years with occupancy remaining in the 90% to 91% range and rents slowly edging higher. Rental concessions have also continued to improve modestly, helping to boost property operating incomes.

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Topics: Tucson, Commercial real estate, Absorption, Market trends, Vacancy, Apartments, Multifamily

Velocity up in the Tucson industrial market

Posted on Thu, May 08, 2014

The national economy picked up in demand following the extreme winter. While statewide job gains are expected to outpace the nation in 2014, post-recession job recovery locally has lagged, leaving job creation the most pressing demand driver. March unemployment in Tucson was 6.6%, which was under both the state’s rate of 7.3% and the U.S. 

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Topics: Tucson, Industrial, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Warehouse, Manufacturing

Tucson Industrial Market Snapshot: Thank You, Small Business

Posted on Tue, Mar 11, 2014

With Tucson and Arizona post-recession job recovery lagging the nation, the Tucson industrial market sneaked in progress throughout 2013 in bite-sized increments, fueled by the health of startups and other small businesses. Available buildings over 100,000 square feet (sf) were the market’s enduring opportunity, while market drivers included activity in the mining sector and refocus on trade and logistics.

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Topics: Tucson, Industrial, Commercial real estate, Absorption, Market trends, Vacancy, Lease rates, Warehouse, Leasing