Over the last year, education was the most visible issue in Arizona. But, if you were watching closely, infrastructure and water issues were discussed and debated throughout the state as well. In some cases progress was made, in others, the conversations continue. In the opening weeks of the 2019 Arizona legislative session, two infrastructure issues dealing with water and highway funding will take center stage.Read More
PICOR Connect | Trends in Commercial Real Estate
A bipartisan measure tucked into the 2017 federal tax law is providing a significant opportunity for investors to reduce their capital gains taxes while spurring economic growth in designated areas of Arizona.Read More
Improvement in the Tucson office market's performance continued into Q2 2018. Positive year-to-date absorption of 146,400 square feet (sf) improved the overall market vacancy a full 50 basis points to 8.4% from last quarter’s 8.9%. Vacancy reached its lowest mark since Q3 2008.Read More
The Tucson Metro Chamber announces the election of the 2018-19 board chair, six new board members and the full slate of board members.
The Tucson Metro Chamber board of directors elected Barbi Reuter, president for Cushman & Wakefield | PICOR, as chair of the board for the 2018-2019 term. Reuter has held a seat on the board of directors since 2016 and has volunteered countless hours working with the Chamber on business and community issues.
“Wow! What a great time to be in Industrial real estate!” These are sentiments not heard in almost a decade. During the depths of the doldrums, the Tucson commercial real estate market was marked by Foreclosures and REO sales, “blend and extend” lease negotiations, downsizing (or “rightsizing” as it was more positively termed) and a general sense of survival.Read More
Tucson retail vacancy improved dramatically in the first quarter of 2018, dropping from 6.0% to 5.6%. This may have led to an increase in average asking lease rates compared to last quarter. Rates averaged $15.05 per square foot (psf) versus $14.87 psf at year end 2017.Read More
As each day goes by, it seems we are increasingly leaning on technology and digital media to connect, to communicate, and to learn about the world around us. On a daily basis, we are learning new ways to employ this exciting new technology to fulfill our needs and save time and money. One of our most fundamental needs, consumerism, is a large part of this digital revolution.Read More
Tucson’s retail market continued its robust growth with over 262,000 square feet (sf) of positive net absorption for this quarter, which exceeded the first and second quarter’s combined absorption of 256,205 sf. Pent-up demand in the market spurred an increase in retail space under construction from 123,402 sf in Q2 to 149,218 sf this quarter. Vacancy ticked-down slightly from 6.4% to 6.2%.Read More
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 More
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 More