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.
Read MoreTopics: Tucson, Commercial real estate, Investment property, Market trends, Leasing, Retail
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.
Read MoreTopics: Tucson, Commercial real estate, Investment property, Property management
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.
Read MoreTopics: Economy, Commercial real estate, Investment property, Market trends, Office, Medical office
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.
Read MoreTopics: Economy, Commercial real estate, Investment property, Market trends, Retail
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%).
Read MoreTopics: Economy, Commercial real estate, Investment property, Leasing, Apartments, Multifamily
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
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