PICOR Connect | Trends in Commercial Real Estate

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

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

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

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

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

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

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’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

Brandon Rodgers, SIOR, CCIM of Cushman & Wakefield | PICOR, has achieved the SIOR industrial designation awarded by the Society of Industrial and Office REALTORS®.  SIOR is a Washington, DC-based international professional organization of more than 3,300 commercial real estate professionals whom have earned the coveted SIOR designation.

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Topics: Tucson, Industrial, Commercial real estate, Leadership

The vacancy rate of conventionally-operated, stabilized units increased 0.17% from last quarter to 6.1%. The University submarket had the lowest vacancy of any submarket at 3.7%. South Central Tucson, Southeast Tucson, and Pantano/Lakeside were the only three submarkets to record vacancies over 7.0%, with vacancies of 8.3%, 7.7% and 7.0% respectively. Five of the 15 submarkets experienced improved vacancy, with Tucson Mountain Foothills leading the way with a vacancy reduction of 2.0%. 

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