PICOR Connect | Trends in Commercial Real Estate

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 Office Market - 2015 Recap & 2016 Preview

Posted on Fri, Jan 22, 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, Economy, Investment property, Absorption, Market trends, Vacancy, Leasing, Office, Medical office

GUEST POST: THE BENEFITS OF A FULL-SERVICE CRE TEAM

Posted on Tue, Dec 22, 2015

While we maintain numerous relationships with owners of investment property that are segmented by service, the case for employing a full-service commercial real estate team was well stated in this recent post on Cushman & Wakefield's blog. Reposted here with their permission:

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Topics: Commercial real estate, Investment property, Leasing, Development, Property management

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

The Comcast Deal - A "Broken Promise:" TREND Report

Posted on Thu, Oct 15, 2015

Comcast Cable recently signed a lease for the former American Home Furnishings building near the Tucson Mall for its new IT, call center and social media operations. The company announced its plans to add 1,125 jobs in May. With an annual payroll of $35 million, the facility will be staffed by IT and customer-support workers. The center will house Spanish-speaking employees specializing in social media so customers can connect with Comcast via Twitter, Facebook or other outlets.  One of the major decision factors for selection of the Tucson Galleria site was based upon the convenient commuting options to the building. 

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Topics: Tucson, Commercial real estate, Economic development, Leasing, Office

Food, Beverage & Grocery Activity Lead the Way for Tucson Retail Mid-Year

Posted on Wed, Aug 19, 2015

Home prices increased in June, thanks to inventory at a 21-month low coupled with steady consumer demand and favorable interest rates. U. S. consumer confidence was up significantly, and personal income statewide slightly outpaced the rate of gain nationally. Moody’s forecasts Tucson’s year-end unemployment to be under 5.7%, with improvement continuing through 2016 and 2017.

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

A Midsummer Night's Dream for the Tucson Industrial Market

Posted on Tue, Aug 04, 2015

Pinch us... Tucson's industrial vacancy is nearing single digits and ended the year's midway point 1.6 percentage points healthier than a year earlier. Read more in our Q2 2015 Tucson Industrial MarketBeat.

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

Tucson Office Market Snapshot - Q2 2015

Posted on Mon, Jul 27, 2015

Home prices increased in June, thanks to inventory at a 21-month low coupled with steady consumer demand and favorable interest rates. U. S. consumer confidence was up significantly, and personal income statewide slightly outpaced the rate of gain nationally.

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Topics: Tucson, Commercial real estate, Investment property, Vacancy, Leasing, Office

Tucson Office Market: Come Fly with Me

Posted on Thu, Mar 05, 2015

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

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