PICOR Connect | Trends in Commercial Real Estate

Mid-Year Tucson Office Market Review

Posted on Thu, Jul 26, 2018

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.

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Topics: Tucson, Economy, Commercial real estate, Absorption, Lease rates, Leasing, Office, Medical office

Tucson Office Properties Test Rent Increase Waters

Posted on Thu, May 17, 2018

The overall performance of Tucson’s professional office and medical market remained solid through Q1 2018, with a slight shift in overall vacancy to 8.9%. Market fundamentals were significantly improved year-over-year, as demonstrated by the vacancy rate improving from 10.6% in Q1 2017.

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Topics: Tucson, Commercial real estate, Absorption, Lease rates, Leasing, Office

Live-Work-Play Environments Talk of The Tucson Retail Scene

Posted on Mon, May 14, 2018

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.

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

Tucson Retail Market Robust

Posted on Wed, Nov 15, 2017

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%.

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

Tucson Industrial Market Finds Equilibrium

Posted on Mon, Nov 06, 2017

The industrial market in Tucson has largely arrived at an equilibrium in lease negotiations between landlords and tenants. Vacancy experienced a slight uptick in the past two consecutive quarters, but this is viewed as a natural ebb-and-flow as tenants move around our market, rather than an indication of concern.

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Topics: Tucson, Industrial, Commercial real estate, Investment property, Vacancy, Leasing, Manufacturing

Tucson Retail Rocks on...

Posted on Thu, Jul 27, 2017

Tucson's retail market continued its predictable growth with 20,397 square feet (sf) of positive net absorption this quarter. While the most recent quarter represented a slower quarterly pace of net absorption than we have seen recently, the ebbs and flows of net absorption in a market of our size are common and expected. 

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

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

Who is...Max Fisher? 8 Questions & Answers

Posted on Fri, Apr 14, 2017

Last month, we welcomed Max Fisher to our Tucson commercial real estate brokerage team.  As a native Tucsonan, Max inherently understands what makes the community thrive. He's been active in the Tucson real estate market since 2012, and his strong community ties and industrial focus make him a standout in the commercial/industrial arena. We sat with Max to get to know him, and here's what he had to say:

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Topics: Tucson, Industrial, Technology, Commercial real estate, Leasing

Positive Outlook for Tucson Apartment Market in 2017

Posted on Tue, Feb 21, 2017

 

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Topics: Tucson, Economy, Commercial real estate, Vacancy, Leasing, Apartments, Multifamily

Tucson Industrial Market Sees a Surge

Posted on Wed, Feb 15, 2017

With accelerating improvement in vacancy from 9.2% to 7.8% year-over-year, Tucson’s industrial market reported the strongest annual gain since 2006 and the lowest vacancy mark since Q3 2008. With occupancy above 92% and no speculative space under construction, the market will experience upward movement in rents. Rent pressure has already occurred for spaces 5,000 square feet (SF) and under. Net absorption for 2016 nearly doubled that recorded in 2015 at nearly 1.5 million square feet (MSF). Absorption over the past twelve months exceeded all years since 2006’s high of 1.9 MSF.

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Topics: Tucson, Industrial, Economy, Commercial real estate, Economic development, Vacancy, Warehouse, Leasing, Logistics, Manufacturing