PICOR Connect | Trends in Commercial Real Estate

Tucson Office Properties Test Rent Increase Waters

Posted on Thu, May 17, 2018

The overall performance of Tucson’s professional office and medical market remained solid through Q1 2018, with a slight shift in overall vacancy to 8.9%. Market fundamentals were significantly improved year-over-year, as demonstrated by the vacancy rate improving from 10.6% in Q1 2017.

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

Live-Work-Play Environments Talk of The Tucson Retail Scene

Posted on Mon, May 14, 2018

Tucson retail vacancy improved dramatically in the first quarter of 2018, dropping from 6.0% to 5.6%. This may have led to an increase in average asking lease rates compared to last quarter. Rates averaged $15.05 per square foot (psf) versus $14.87 psf at year end 2017.

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

Tight Tucson Industrial Market Signals Demand for New Space Ahead

Posted on Fri, May 04, 2018

Absorption of Tucson industrial space continued during the first quarter of 2018, with 57,423 square feet (sf) of positive net absorption for the quarter. This reduced the overall vacancy rate to 6.3% in the 42.9 million square foot (msf) inventory of industrial buildings.

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Topics: Tucson, Industrial, Commercial real estate, Warehouse, Logistics, Manufacturing

Power Brokers: Tucson Commercial Real Estate Leadership

Posted on Fri, Mar 30, 2018

Since CoStar Group entered the Tucson market in 2005 to track commercial property inventory, sales and lease transactions, Cushman & Wakefield | PICOR has consistently been ranked as one of CoStar’s top 10 “Power Brokers.”

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Topics: Tucson, Commercial real estate, Leadership

C&W | PICOR Recognizes 2017 Standouts

Posted on Mon, Feb 12, 2018

Cushman & Wakefield | PICOR salutes its 2017 outstanding achievers who were honored at the company’s annual awards luncheon held at the Tucson Country Club on January 24, 2018. Firm leader Barbi Reuter recognized Rebecca Fuentes, SPHR with the “President’s Award for Excellence,” citing tremendous growth, and stellar community and internal leadership roles. 

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Topics: Tucson, Commercial real estate, Property management, Leadership

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