PICOR Connect | Trends in Commercial Real Estate

Tucson Retail Market Robust

Posted on Wed, Nov 15, 2017

Tucson’s retail market continued its robust growth with over 262,000 square feet (sf) of positive net absorption for this quarter, which exceeded the first and second quarter’s combined absorption of 256,205 sf.  Pent-up demand in the market spurred an increase in retail space under construction from 123,402 sf in Q2 to 149,218 sf this quarter. Vacancy ticked-down slightly from 6.4% to 6.2%.

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Topics: Economy, Commercial real estate, Investment property, Leasing, Retail

Tucson Industrial Market Finds Equilibrium

Posted on Mon, Nov 06, 2017

The industrial market in Tucson has largely arrived at an equilibrium in lease negotiations between landlords and tenants. Vacancy experienced a slight uptick in the past two consecutive quarters, but this is viewed as a natural ebb-and-flow as tenants move around our market, rather than an indication of concern.

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Topics: Tucson, Industrial, Commercial real estate, Investment property, Vacancy, Leasing, Manufacturing

The State of Tucson's Apartment Market: TREND Report

Posted on Mon, Sep 11, 2017

The Tucson apartment market has been driven by a multitude of factors. The first factor that is driving the apartment market is that higher paying jobs are entering the Tucson economy. Tucson’s job growth remained relatively stagnant the past five years with median household income in the metro area 15.5% below that of the U. S. Several recent, high-profile jobs announcements included hundreds of highly-skilled and highly-compensated positions. The second wave of employers contracting with and supporting these primary employers will broaden the opportunities at all levels. As reported by the MAP Dashboard project, Tucson’s MSA enjoys a lower cost of living than many of its peer cities in the West and was 3.0% below the nation, driven largely by rental rates (2015 data).

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Topics: Tucson, Commercial real estate, Investment property, Market trends, Apartments, Multifamily

Tucson Retail Rocks on...

Posted on Thu, Jul 27, 2017

Tucson's retail market continued its predictable growth with 20,397 square feet (sf) of positive net absorption this quarter. While the most recent quarter represented a slower quarterly pace of net absorption than we have seen recently, the ebbs and flows of net absorption in a market of our size are common and expected. 

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Topics: Tucson, Commercial real estate, Investment property, Market trends, Leasing, Retail

Get to Know: Linda Montes-Cota, Property Manager Extraordinaire

Posted on Thu, Jul 20, 2017

It became a standing joke. She was the envy of her peers. When was someone going to dethrone Linda Montes-Cota as the perennial Tenant Relations Award winner at C&W | PICOR? Her name was on the wall year after year. Not to mention all those Manager of the Year awards...and the big kahuna: President's Award for Excellence in 2015. 

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Topics: Tucson, Commercial real estate, Investment property, Property management

Tucson Office Vacancy Hits 7-Year Low

Posted on Wed, May 17, 2017

Year over year improvement in office market metrics continues, with a second consecutive quarter of overall market vacancy hovering at a seven-year low. Positive absorption of 31,000 square feet (SF) contributed to a 10.6% vacancy. Increased hiring by employers in engineering and financial services is expected to bring meaningful positive momentum for professional office absorption and eventual upward pressure on lease rates.

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Topics: Economy, Commercial real estate, Investment property, Market trends, Office, Medical office

Retail on a Roll: Tucson Market Beats On

Posted on Thu, May 11, 2017

As predicted, Tucson’s retail market saw a significant increase of 235,808 square feet (SF) positive net absorption. This improvement is almost six times more than the 40,993 SF absorbed in Q4 2016 and accompanied delivery of nine new buildings totaling 235,958 SF. In the past four quarters, a total of 621,286 SF of new retail space has been delivered, consistent with the observed increase in retail space demand and activity predicted in our most recent quarterly report.

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Topics: Economy, Commercial real estate, Investment property, Market trends, Retail

Tucson Apartment Market Sees Continued Traction

Posted on Tue, May 09, 2017

In Tucson's apartment market, the vacancy rate for conventionally-operated, stabilized units decreased by 0.35% from the previous quarter, while improving 0.28% from one year ago to 6.52%. Eight of Tucson’s 15 submarkets experienced occupancy gains, with the greatest improvements occurring in Tucson Mountain Foothills (-2.12%) and South Tucson/Airport (-2.09%).

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

Tucson Industrial Market Posts Best Results since Mid-2008

Posted on Wed, May 03, 2017

Tucson’s industrial market continued forward progress in the first quarter of 2017. Net positive absorption of about 50,000 square feet (SF) improved the overall vacancy rate to 7.4%, Tucson’s lowest mark since Q3 2008. The submarket with both the lowest vacancy and the largest inventory at nearly 10 million SF, was Northwest Tucson, with a vacancy rate of 4.3%. 

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

Who is...Max Fisher? 8 Questions & Answers

Posted on Fri, Apr 14, 2017

Last month, we welcomed Max Fisher to our Tucson commercial real estate brokerage team.  As a native Tucsonan, Max inherently understands what makes the community thrive. He's been active in the Tucson real estate market since 2012, and his strong community ties and industrial focus make him a standout in the commercial/industrial arena. We sat with Max to get to know him, and here's what he had to say:

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Topics: Tucson, Industrial, Technology, Commercial real estate, Leasing