PICOR Connect | Trends in Commercial Real Estate

Let the Good Times Roll! Tucson Industrial in 2018, TREND Report

Posted on Wed, Jun 13, 2018

“Wow!  What a great time to be in Industrial real estate!” These are sentiments not heard in almost a decade.  During the depths of the doldrums, the Tucson commercial real estate market was marked by Foreclosures and REO sales, “blend and extend” lease negotiations, downsizing (or “rightsizing” as it was more positively termed) and a general sense of survival.

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Topics: Economy, Manufacturing, Logistics, Transportation, Warehouse, Lease rates, Market trends, Investment property, Economic development, Commercial real estate

Tight Tucson Industrial Market Signals Demand for New Space Ahead

Posted on Fri, May 04, 2018

Absorption of Tucson industrial space continued during the first quarter of 2018, with 57,423 square feet (sf) of positive net absorption for the quarter. This reduced the overall vacancy rate to 6.3% in the 42.9 million square foot (msf) inventory of industrial buildings.

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Topics: Industrial, Warehouse, Commercial real estate, Tucson, Manufacturing, Logistics

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

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, Leasing, Vacancy, Logistics, Warehouse, Manufacturing, Commercial real estate, Economic development

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: Sonora Mexico, Commercial real estate, Industrial, 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

Velocity up in the Tucson industrial market

Posted on Thu, May 08, 2014

The national economy picked up in demand following the extreme winter. While statewide job gains are expected to outpace the nation in 2014, post-recession job recovery locally has lagged, leaving job creation the most pressing demand driver. March unemployment in Tucson was 6.6%, which was under both the state’s rate of 7.3% and the U.S. 

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

Business attraction in Tucson builds on small business success

Posted on Thu, Mar 27, 2014

While perhaps not significant in numbers of new jobs by most standards, recent employer relocations to greater Tucson signal a positive trend. With 2013's positive absorption in the Tucson industrial market fueled by expansion of local, small businesses, business attraction points to our market's affordability and workforce readiness. 

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Topics: Tucson, Industrial, Market trends, Manufacturing, Intermodal facilities, Rail

The Real Estate Market in our Neighboring State

Posted on Sun, Dec 22, 2013

You might know Mexico is a country with just over 116 million people according, to the estimate made last July.  It has 31 States and the Federal District, known as Mexico City. About a year ago, the PRI party got back in power after 12 years of the PAN party being in power. Since then, a lot of good things have happened as a country in different areas such as education, telecommunication, security, energy and more reforms that are currently under negotiation. Without going into much detail, as this article’s intent is to address more of the real estate industry, there is no doubt that Mexico is moving forward and the progress will benefit all of us in Tucson, Arizona and more broadly. 

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Topics: Commercial real estate, Industrial, Sonora Mexico, Lease rates, Manufacturing, Warehouse

Global Supply Chain Services: How does Tucson fit in?

Posted on Fri, May 24, 2013

In the realm of supply chain services, as with any growth-oriented product or service, constant innovation is a critical component to differentiate and create distance from the competition.

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Topics: Commercial real estate, Manufacturing, Warehouse, Transportation, Logistics, Rail