PICOR Connect | Trends in Commercial Real Estate

Business as Unusual at C&W PICOR: COVID-19 Update

Posted on Fri, Mar 20, 2020

When the going gets tough, the tough get flexible! Our resilient team of Tucson commercial brokers, property managers, and support staff are weathering these strange days with good humor and a service-first mentality.

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Topics: Tucson, Commercial real estate, Market trends

Tucson Metro Chamber Urges Tucsonans to Support Local Restaurants

Posted on Tue, Mar 17, 2020

"We face unprecedented and uncertain times because of COVID-19. However, the Chamber has been here for 123 years, and we intend to be here to lead businesses for another century. For this reason, based on available information, we emphatically believe it is in the best interests of the community, our restaurants and the employees that work in these establishments, to modify their operations to takeout and delivery only. In a meeting led by Mayor Regina Romero, including Vice-Mayor Paul Cunningham, our members, restaurateurs, Visit Tucson and the Pima County Health Department, this recommendation was strongly advocated for by the Chamber. Restaurants are regulated on having strong health and safety standards and they have been amplified during this crisis. Mayor Romero has called a Local Emergency to go in effect tonight at 8:00 p.m., to maintain public health. Dining rooms in restaurants, bars and food courts will be closed. Mayor Romero stated, “My top priority, above all else, is to protect public health. This is a painful decision that I do not take lightly. Our restaurants and small businesses need clear, uniform direction, and this order provides them exactly that.”

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Topics: Tucson, Economy, Commercial real estate, Market trends, Retail

Coronavirus Update: 5 Reasons for Optimism, CW Research

Posted on Wed, Mar 11, 2020

Much of the analysis regarding the coronavirus impact — including ours at Cushman & Wakefield — has understandably been focused on the negative impact of the outbreak and downside scenarios. The situation is fluid, and there remain many unknowns. However, to inject a little bit of optimism and to help provide perspective, we offer five “glass half full” observations:
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Topics: Commercial real estate, Community, Investment property, Market trends

A Cardinal Tribute to Russ Hall, SIOR GSCS

Posted on Fri, Nov 22, 2019

On Sunday, November 17, 2019, we lost our brother, partner, friend, and teammate Russ Hall. Mercifully, his heart stopped quickly at the end of a day well lived in a place he loved.  Not only was he a giant in the business and a perennial top producer, Russ shared everything he had, and his heart worked overtime every day. Everything has its limits, and Russ gave of himself until it just gave out. We simply weren't ready... Ten days earlier, when we asked our team what they were grateful for, Russ replied with this:

"Am blessed to walk in to an office everyday where you consider all 50 people among your best friends.  Personally so thankful for my faith, survival of my little family, Health and all the wonderful blessings we hopefully never take for granted." 

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Topics: Tucson, Industrial, Commercial real estate, Leadership

Trends and Impact of Tucson Property Operating Costs: TREND Report

Posted on Fri, Nov 01, 2019

Investment property value is a function of net operating income, and controlling expenses is impactful to any investor’s returns.  With a managed portfolio of about three million square feet (sf), Cushman & Wakefield | PICOR tracks operating costs by type of property and over time, identifying trends and opportunities.

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Topics: Tucson, Commercial real estate, Market trends, Property management, Finance

Tucson Industrial Insights at Midyear

Posted on Mon, Jul 15, 2019

The Tucson industrial market remained strong at midyear, as evidenced by our primary metric: Vacancy rate. Once again, vacancy has ticked-down, this time to 5.1%. Echoing the comments last quarter, Tucson is experiencing a “plateau effect” in the industrial sector in that the dynamic run-up in absorption slowed as the market leveled off at a highly-occupied equilibrium. 

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

Chamber-Written Bill Protecting Property Owners is Signed Into Law

Posted on Fri, Jun 14, 2019

The Tucson Metro Chamber wrote the legislative bill SB 1248: property taxes; valuation; property modifications, which was sponsored by Arizona State Senator Vince Leach. Governor Doug Ducey signed the bill on June 7, 2019.

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Topics: Tucson, Commercial real estate, Investment property, Finance

Top 50 Commercial Real Estate Blogs You Must Read

Posted on Thu, Jun 06, 2019

For six years, Duke Long has published a list of top commercial real estate blogs. Cushman & Wakefield | PICOR's 'PICOR Connect' is pleased to receive mention among some industry titans, both local and national, in each of those years.

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Topics: Tucson, Commercial real estate, Marketing

C&W | PICOR Team Recognized for Tucson CRE Performance

Posted on Thu, Apr 18, 2019

CoStar Group, Inc., the data/analytics leader of the commercial real estate industry, recently announced this year’s Power Broker Award recipients, recognizing professionals and firms who closed the highest volume in commercial real estate transactions in their respective markets.

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Topics: Tucson, Industrial, Commercial real estate, Leasing, Office, Retail, Leadership, Multifamily, Marketing

Tucson Office Market Marches On

Posted on Tue, Mar 19, 2019

Tucson’s office market ended 2018 with an overall vacancy of 8.4%, reflecting consistency and stability in the market for three straight quarters. While higher in 2017, 2018’s positive net absorption of 146,000 square feet (sf) marked the fifth year in positive territory. On this solid platform with firm fundamentals, tightening inventory has created rent pressure in select niche markets. Average rates market-wide increased slightly over the year to $19.16 per square foot (psf), with class A rates ending the year at $23.82 psf. 

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