PICOR Connect | Trends in Commercial Real Estate

Mid-Year Tucson Industrial Update

Posted on Wed, Aug 24, 2016

Positive momentum accelerated in the Tucson industrial market during the second quarter, with vacancy improving to 8.6% on positive net absorption of 252,815 square feet (SF). After peaking at 13.4% 3Q 2011, market-wide vacancy improved to its lowest post-recession level, not reporting a sub-9.0% rate since 2008. Many projects reached full occupancy, with multi-tenant inventory inconsistently available. Of note given its nearly two million SF footprint, the UA Tech Park saw activity bringing its vacancy down to 2.0%.

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Topics: Tucson, Industrial, Economy, Commercial real estate, Investment property, Warehouse, Leasing

4 Location Factors to Consider: Advice for Small Business - Chamber Edge

Posted on Thu, Aug 18, 2016

Rent or mortgage payments are likely among the top expense line items in operating your business, right up there with staffing costs. Not only is the direct cost relevant, but also your choice of location and space layout has the potential to impact the productivity of your team, as well as the perception of your brand by customers and clients. With that in mind, let’s explore some key considerations that come into play when choosing a business location.

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Topics: Tucson, Industrial, Commercial real estate, Investment property, Leasing, Logistics, Office, Retail, Medical office

Mexico's Commercial Real Estate Update: TREND Report

Posted on Wed, Jun 29, 2016

Last year proved to be a challenging year globally: the slowdown suffered by the China economy, falling of oil prices and the expectation of raising rates by the FED caused pressure on world markets. Mexico was not the exception.

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Topics: Industrial, Sonora Mexico, Commercial real estate, Manufacturing

Mid-Year Perspective on Tucson's Industrial Market | TREND Report

Posted on Tue, Jun 14, 2016

We were recently invited to speak at the Southern Arizona CCIM 2016 Commercial Real Estate Forecast. This event focuses on all aspects of Commercial and Multi Family real estate in Tucson, Arizona and brings together market leaders to speak on the various commercial real estate disciplines. Various market specialists share their expertise and perspectives on the general health and advancement, or decline, of the commercial real estate sectors. For 2016, industrial can be referenced as being in a state of advancement, unlike the eight years preceding it.

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Topics: Tucson, Industrial, Sonora Mexico, Land, Commercial real estate, Investment property, Warehouse, Manufacturing

Small but Mighty Ruled in the Tucson Industrial Market Q1

Posted on Tue, Apr 26, 2016

The Tucson industrial market reported the strongest small tenant activity in recent years, with small startups and smaller company expansions comprising the bulk of first quarter activity. A heart-beat was palpable for larger requirements in the 10,000 to 50,000 square foot (sf) range, though few leases were executed by quarter’s end. Autobahn Indoor Speedway signed the largest lease first quarter, following in the entertainment sector that has enjoyed growth in recent quarters. Slight negative absorption of 28,363 sf in the first quarter ticked overall market vacancy up to 9.6%, with direct vacancy (which excludes available sublease space) ending at 8.7%. Overall average asking rates remained steady, though rates were up about 5.0% year-over-year. Slight increases in effective rents were recorded in the Northwest submarket due to tighter supply.

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Topics: Tucson, Industrial, Commercial real estate, Investment property, Market trends, Warehouse, Leasing

Tucson Industrial Market - 2015 Recap & 2016 Preview

Posted on Thu, Feb 04, 2016

With 4,700 jobs gained over the first eleven months of 2015, Tucson's employment picture continued to under-perform relative to the state and nation, primarily due to fiscal drag. Tucson has recovered 74.0% of recessionary jobs lost, while Greater Phoenix has recovered 101.0%. Sector performance varied, with positive gains in professional and business services; leisure and hospitality, education and health care; financial activities; and information were largely offset by reductions in the other sectors, with the largest declines in state and local government.

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Topics: Tucson, Industrial, Economy, Investment property, Absorption, Market trends, Vacancy, Warehouse, Leasing

Tucson Industrial Market Breaks Through an Occupancy Milestone

Posted on Thu, Oct 29, 2015

While not enjoying job recovery on pace with the national average, metro Tucson added 3,300 jobs year-over-year through August. Educational/Health Services and Professional/ Business Services accounted for 78.8% of the job growth, with unemployment improving significantly to 5.3% by September. 

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Topics: Tucson, Industrial, Economy, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Lease rates, Warehouse, Leasing

Gears Turning in Tucson Industrial Market

Posted on Wed, May 06, 2015

As we entered the second quarter of 2015, key drivers for the Tucson industrial market included logistics and call centers, with the mining industry preparing for the next wave.
 
Tucson’s unemployment rate dropped 0.3 percentage point to 5.6% in February, considered close to full employment. That being said, the slow pace of job growth remained of primary concern and impeded stronger market progress.

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Topics: Tucson, Industrial, Land, Commercial real estate, Investment property, Warehouse, Construction

Creative Brokerage Brings HomeGoods Tucson Distribution Center | RE Daily News

Posted on Thu, Apr 30, 2015

There has been much written about the new HomeGoods Tucson distribution center lately. What hasn’t been told until now, is the creative brokerage it took by a group of real estate professionals to assemble the land for the HomeGoods Tucson deal to come together.  It really started almost two years earlier, when the Massachusetts-based TJX Companies, HomeGoods’ parent company, broadcasted its requirements for a 100-acre site appropriate for a new western regional distribution center to be built.

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.

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Topics: Tucson, Industrial, Economy, Land, Commercial real estate, Economic development, Warehouse, Development, Construction

Tucson Dealmakers: CoStar announces 2014 Power Brokers

Posted on Thu, Apr 02, 2015

Each year since its 2005 Tucson commercial real estate market entry, Costar, the leading provider of industry market intelligence, has tracked and awarded the highest-producing companies and individuals in the Tucson marketplace.

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Topics: Tucson, Industrial, Commercial real estate, Office, Retail