PICOR Connect | Trends in Commercial Real Estate

Tucson Apartment Market Sees Continued Traction

Posted on Tue, May 09, 2017

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%).

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Topics: Apartments, Multifamily, Investment property, Commercial real estate, Economy, Leasing

Tucson Industrial Market Posts Best Results since Mid-2008

Posted on Wed, May 03, 2017

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%. 

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

INSIDE BASEBALL ON D. C.: TUCSON METRO CHAMBER GUEST POST

Posted on Wed, Apr 05, 2017

Believe it or not, something good may be happening in Washington, D.C. Last week 12 local business executives, Tucson Metro Chamber Vice President of Government Affairs Robert Medler and I visited Arizona's senators and representatives to advocate for our local community. 

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Topics: Community, Construction, Economic development, Economy, Transportation, Investment property

Aerobic Activity for the Tucson Office Market in 2016

Posted on Fri, Jan 27, 2017

You know that feeling when exercise elevates your heart rate? Well Tucson is finally feeling it. Over the course of 2016, the Tucson office market moved from having a pulse to having more fun. In 2016, the market posted its strongest post-recession occupancy gains, ending with available vacancy of 10.5%, a level not achieved in seven years.

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Topics: Office, Tucson, Leasing, Lease rates, Investment property

Project Prosperity – Business & Government Working Together to Create Jobs: Guest Post

Posted on Wed, Jan 25, 2017

In a 2014 Tucson Metro Chamber survey of local business executives called the Business Expansion and Retention (BEAR) Report, the Chamber learned that the interface between the City of Tucson and the private sector needed some refinement so it could operate more smoothly and help more job creators open their doors. 

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Topics: Tucson, Community, Economy, Economic development, Investment property

State of the Tucson Office Market: TREND Report

Posted on Thu, Dec 08, 2016

The office leasing market has been fragile for some time. Out of all the commercial real estate sectors, office seems to be last to the finish line of recovery. Overall the health of the office market is a reflection of the state of Tucson’s economy, specifically jobs.

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Topics: Office, Medical office, Tucson, Commercial real estate, Investment property

Across-the-Board Improvement for Tucson Apartment Market

Posted on Wed, Nov 02, 2016

Tucson’s apartment market experienced positive growth in all of the market indicators from the previous quarter. The vacancy rate for stabilized units improved by 0.56% from the previous quarter to a rate of 6.27%. 

 

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Topics: Tucson, Economy, Leasing, Commercial real estate, Investment property, Multifamily, Apartments

Gains for Tucson Retail Market as Economy Reshapes

Posted on Fri, Oct 28, 2016

Anchored centers in Tucson continued their long-standing success, and well-positioned projects like Park Place Mall trade area’s Wilmot Plaza reported some of the strongest rents and lease-ups in recent years. Tucson's southwest submarket posted continued strong demand from retailers, entertainment venues, and restaurants.

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Topics: Tucson, Economy, Leasing, Commercial real estate, Investment property, Retail

Tucson Industrial Market Posts Stellar Absorption Q3

Posted on Tue, Oct 25, 2016

Tucson’s industrial vacancy continued its positive trajectory, improving by 50 basis points over Q2 2016 to end at 8.1%, the lowest level recorded since Q4 2008. With the completion of HomeGoods’ 858,288-square-foot (SF) distribution center, total net absorption to date in 2016 exceeded 1.2 million square feet (MSF), marking the first year over one MSF since 2006.

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

Tucson Office Market Posts Highest Occupancy in 7 years

Posted on Tue, Oct 18, 2016

As a result of steady, organic recovery and job growth, surplus and sublease office space in the Tucson market has largely shaken out. Overall market vacancy hovered around 12.0% for six solid years. At its current 11.5%, Tucson office vacancy is at the lowest point since Q4 2009. The data reveal a strong differential between older and newer buildings, with those built prior to the new millennium sitting at 13.9% vacant, and those built since 2000 enjoying a much healthier 6.0% vacancy. Absorption for the year is on pace to exceed the prior two years, standing at 289,278 square feet (SF) through the end of Q3.

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Topics: Tucson, Economy, Leasing, Commercial real estate, Investment property, Office, Medical office