PICOR Connect | Trends in Commercial Real Estate

Tucson Office Market: 2014 Recap and 2015 Forecast

Posted on Thu, Jan 29, 2015

From an economic standpoint, Metro Tucson ended November with a total of 372,000 non-farm jobs, gaining 5,200 jobs year-over-year (YOY), an annualized job growth rate of 1.4%. Growth in home prices began to flatten, with a 4.6% gain in median selling price in 2014. HomeGoods, a division of TJX Companies, announced interest in opening a western distribution center in Tucson, a proposed 800,000-square-foot (sf) facility with an estimated economic impact of nearly $900 million. HomeGoods received Pima County approval and awaits a tax incentive decision from the City in February. The real estate is being brokered in part by Cushman & Wakefield | PICOR.

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Topics: Tucson, Economy, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Lease rates, Leasing, Office, Medical office

Industrial Update: Tucson 3Q Absorption Moves 2014 in the Black

Posted on Tue, Oct 28, 2014

With an improving national economic and employment picture slowly lifting all boats, the Arizona and Tucson employment rates followed suit; statewide employment was up 2.1% over a year ago. Residential inventory continued to stabilize and median sale prices gained 6.2% over prior year. Shared Services Center’s expansion announcement netting 200 new jobs made a positive statement about Tucson as a location to service western states.

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

Tucson Office Market future looks bright (Debbie Downer has left the building)

Posted on Tue, Oct 21, 2014

With an improving national economic and employment picture lifting all boats, the unemployment rate for Arizona and the Tucson metro area followed suit. Home sales inventory continued to stabilize and median sale prices gained 6.2% over prior year. Shared Services Center’s expansion announcement netting 200 new jobs made a further positive statement about Tucson as a location to service western states.

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Topics: Tucson, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Lease rates, Leasing, Office, Medical office

Wind in the Retail Sails/Sales: Tucson Retail Market Update

Posted on Tue, Aug 19, 2014

At 2014's midway point, the Tucson retail market continued its positive performance. Read more, as we detail the highlights for the quarter.

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

Tucson Industrial Market Mid-Year: The Good, the Bad & the Ugly

Posted on Thu, Aug 07, 2014

For the sake of ending on a positive note, let's do the good, the bad, and the ugly in reverse for this mid-year Tucson industrial market overview: 

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Topics: Tucson, Industrial, Investment property, Absorption, Market trends, Vacancy, Lease rates, Warehouse

Market Minute: Briefs on the Tucson Commercial Real Estate Markets

Posted on Thu, Jul 31, 2014

The unemployment rate for the Tucson metro area as of May 31st was 5.8%, 60 basis points (bps) lower than year end and 50 bps below the national rate. Decreased government spending impacted both Tucson’s market momentum and activity. Home prices and inventory flattened in the second quarter, while the inventory of Tucson residential listings increased.

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Topics: Tucson, Industrial, Commercial real estate, Economic development, Investment property, Absorption, Market trends, Vacancy, Lease rates, Leasing, Office, Medical office, Apartments, Multifamily

Office Market Mojo: Tucson's is Ticking Up

Posted on Wed, Jul 16, 2014

If our firm’s revenue and activity are indicative of the market, Tucson office market momentum has clearly increased, with annualized lease and sale transactions up 44.7% over 2013. Our team was busy helping clients position themselves to best avail themselves of opportunities, with regard to pricing and availability whether for lease or investment. With continued tepidness in job growth, creativity and resourcefulness ruled the day.

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Topics: Tucson, Commercial real estate, Economic development, Absorption, Market trends, Vacancy, Lease rates, Leasing, Office, Medical office

Retail therapy for Tucson's shopping center market

Posted on Thu, May 15, 2014

A continued rebound in consumer confidence, both nationally and locally, has fueled positive momentum in the Tucson retail market. Other market drivers have been material to the overall health of the retail market. These include an increase in housing demand, marked decrease in foreclosure filings, and national recognition for Tucson’s secondary education, with two local high schools ranked in the country’s top ten, as well as a National Blue Ribbon high school.

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Topics: Tucson, Commercial real estate, Market trends, Vacancy, Lease rates, Retail

Tucson Industrial Market Snapshot: Thank You, Small Business

Posted on Tue, Mar 11, 2014

With Tucson and Arizona post-recession job recovery lagging the nation, the Tucson industrial market sneaked in progress throughout 2013 in bite-sized increments, fueled by the health of startups and other small businesses. Available buildings over 100,000 square feet (sf) were the market’s enduring opportunity, while market drivers included activity in the mining sector and refocus on trade and logistics.

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

Tucson Retail Market Snapshot

Posted on Tue, Feb 11, 2014

Despite fewer shopping days in the critical holiday season, retail spending was up 3.5% nationally, aided by deep discounts by retailers. In the Tucson housing market, residential sales volume and median prices ended the year higher (14.0% and 7.1%, respectively), as positive recovery continued.

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Topics: Tucson, Absorption, Market trends, Vacancy, Lease rates, Leasing, Retail