Rob Glaser, CCIM, SIOR, Principal at Cushman & Wakefield | PICOR credited as the mastermind behind this real estate assemblage told us when he first heard of the requirement it was just his intuition that told him Tucson would be an ideal place for the company.
PICOR Connect | Trends in Commercial Real Estate
A short time ago, in modern America, there were some maxims that simply applied at all times. After a solid 60 years of suburban expansion in the Automobile Age, it seemed like “retail follows rooftops” and “drive until you qualify” were principles of urban expansion and of real estate development that were immutable and everlasting. Cheap energy, our reliance upon automobiles, and our vision of the American Dream created a long-lasting and frenetic drive to suburban and exurban communities.
Nogales, Ariz. is witnessing increased demand for international trade warehouse space and property with the upcoming $244 million expansion of the Mariposa Port of Entry. The Nogales Santa Cruz Port Authority works with key stakeholders in the Nogales community, including commercial land developers and Realtors®, to enhance economic development in the Nogales-Santa Cruz County region.
Operating fundamentals continued to slowly improve in Tucson with modest decreases in vacancy, positive absorption, a small increase in rental rates and some continued decline in rental concessions. Average vacancy dropped from 9.4% to 9.3% and the average rental rate essentially held steady, averaging $635. In a continuation of a four-year trend, higher occupancies and stronger increases in rental rates occurred in submarkets with higher-grade properties. The Northwest, Catalina Foothills, and Northeast submarkets, which have the strongest demographics in the region, had the lowest submarket vacancies in Tucson.
The TAR Scorecard gathers data from different sources to present a broader, comprehensive view of the overall real estate-housing and development market. The objective is to identify emerging trends in various subsectors. Viewed separately, these subsectors may not appear to be interrelated. But over time, the data ultimately converges to affect the performance of the entire market.
For the first time, C&W | PICOR Commercial Real Estate has partnered with The CoStar Group to deliver a "State of the Tucson Market" webinar, which will include perspectives from leaders of each commercial division and include the Sonora, Mexico border region.
Topics: Tucson, Industrial, Sonora Mexico, Commercial real estate, Economic development, Investment property, Absorption, Market trends, Vacancy, Lease rates, Warehouse, Leasing, Development, Office, Retail, Apartments, Multifamily
It's hard to name a costlier problem for Tucson property owners than copper theft and the destruction of property to obtain copper and other metals for scrap value. A dedicated coalition has come together to find solutions and take action on the issue of metal theft in the region.
On Wednesday, Metropolitan Pima Alliance (MPA) announced Pima County's approval of fee credits for prior new development. When considered with last month's change in connection fee structure for new construction, the comprehensive changes that MPA was able to negotiate with Pima County will certainly save Tucson-area commercial real estate owners and investors substantially when doing new ground-up construction or completing tenant improvements. These actions are well-timed, as we hope to see increased momentum in the volume of new construction and commercial real estate transactions.