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%.
Read MoreTopics: Industrial, Commercial real estate, Investment property, Absorption, Market trends, Warehouse
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:
Read MoreTopics: Tucson, Industrial, Technology, Commercial real estate, Leasing
Topics: Tucson, Economy, Commercial real estate, Vacancy, Leasing, Apartments, Multifamily
With accelerating improvement in vacancy from 9.2% to 7.8% year-over-year, Tucson’s industrial market reported the strongest annual gain since 2006 and the lowest vacancy mark since Q3 2008. With occupancy above 92% and no speculative space under construction, the market will experience upward movement in rents. Rent pressure has already occurred for spaces 5,000 square feet (SF) and under. Net absorption for 2016 nearly doubled that recorded in 2015 at nearly 1.5 million square feet (MSF). Absorption over the past twelve months exceeded all years since 2006’s high of 1.9 MSF.
Read MoreTopics: Tucson, Industrial, Economy, Commercial real estate, Economic development, Vacancy, Warehouse, Leasing, Logistics, Manufacturing
Tucson’s retail market ended 2016 with a 6.4% vacancy, the same as year-end 2015, supported by a healthy market with positive growth in retail sales. With the exception of 2013, positive net absorption of 386,786 square feet (SF) for the year exceeded the total for each year since 2007. Gross absorption was also at a three-year high.
Read MoreTopics: Tucson, Economy, Commercial real estate, Vacancy, Lease rates, Leasing, Retail
Why are commercial real estate professionals so laggard in their adoption of mobile? Sure, they’re using their phones to make calls and send emails, but that barely scratches the surface of what their mobile devices could be doing to help grow their business and serve their clients better. The rest of the workforce, particularly business leaders, uses mobile for—well—just about everything.
Read MoreTopics: Technology, Commercial real estate, Marketing
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 MoreTopics: Tucson, Commercial real estate, Investment property, Office, Medical office
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%.
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Topics: Tucson, Economy, Commercial real estate, Investment property, Leasing, Apartments, Multifamily
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 MoreTopics: Tucson, Economy, Commercial real estate, Investment property, Leasing, Retail
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 MoreTopics: Tucson, Industrial, Economy, Commercial real estate, Investment property, Leasing
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