PICOR Connect | Trends in Commercial Real Estate

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

Steady as she goes: Tucson's apartment market continues modest improvement

Posted on Wed, May 28, 2014

The Tucson apartment market has been remarkably steady for the past few years with occupancy remaining in the 90% to 91% range and rents slowly edging higher. Rental concessions have also continued to improve modestly, helping to boost property operating incomes.

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Topics: Tucson, Commercial real estate, Absorption, Market trends, Vacancy, Apartments, Multifamily

Tucson Apartment Market Snapshot

Posted on Tue, Feb 25, 2014

Read the latest recap of the Tucson multifamily market from our team, as well as commentary from our friends at Reis, Inc. on the data set they track for the Tucson apartment market. A link to our full report can be found at the end of the article.

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Topics: Tucson, Commercial real estate, Investment property, Market trends, Vacancy, Apartments, Multifamily

Tucson Multifamily: Student Housing & Class A Construction Lead the News

Posted on Wed, Nov 13, 2013

Operating fundamentals continued to slowly improve in Tucson with modest decreases in vacancy, positive absorption, a small increase in rental rates and some continued decline in rental concessions. Average vacancy dropped from 9.4% to 9.3% and the average rental rate essentially held steady, averaging $635. In a continuation of a four-year trend, higher occupancies and stronger increases in rental rates occurred in submarkets with higher-grade properties. The Northwest, Catalina Foothills, and Northeast submarkets, which have the strongest demographics in the region, had the lowest submarket vacancies in Tucson.

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Topics: Tucson, Housing, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Development, Construction, Apartments, Multifamily

Tucson's Multifamily Renaissance | TREND Report

Posted on Thu, Aug 22, 2013

The Tucson apartment market is experiencing a renaissance with active and innovative development in the sector after a decade of underinvestment. During the housing boom of 2000 to 2008 the economics of multifamily development allowed few new developments in Tucson. Due to low apartment rental rates, high cost of land and building materials, very few multifamily developments penciled out in Tucson during the past decade. Lower land and building costs, a weak home market, higher demand for quality multifamily housing and some key rezoning actions have brought on a flurry of new construction.

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Topics: Commercial real estate, Community, Market trends, Apartments, Multifamily

Property Tax: Managing real estate ownership expenses in Arizona

Posted on Wed, Feb 06, 2013

Property taxes are one of the main expenses of real estate ownership in Arizona. In today’s business climate, taxes are under the microscope more than ever as property owners and managers seek ways to reduce expenses. We are fortunate that Arizona has a tax valuation appeal system. The system allows property owners or their agents to file an appeal petition for review with the purpose of lowering property tax. 

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

"State of the Tucson Market" Forecast Webinar Airs January 16th

Posted on Thu, Jan 03, 2013

For the first time, C&W | PICOR Commercial Real Estate has partnered with The CoStar Group to deliver a "State of the Tucson Market" webinar, which will include perspectives from leaders of each commercial division and include the Sonora, Mexico border region. 

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Topics: Tucson, Industrial, Sonora Mexico, Commercial real estate, Economic development, Investment property, Absorption, Market trends, Vacancy, Lease rates, Warehouse, Leasing, Development, Office, Retail, Apartments, Multifamily

Mid-Year Multifamily Outlook

Posted on Fri, Jul 27, 2012

Operating fundamentals took their usual second quarter dip with students, seasonal visitors and seasonal employees departing for the summer. Market occupancy dropped 285 units which is on the light side of typical for Tucson. During the past 12 months, total occupied units continued climbing upward, increasing 995 units over Q2 2011 and gaining 2,245 units since Q2 2010. 

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Topics: Tucson, Commercial real estate, Investment property, Market trends, Apartments, Multifamily, Finance

Tucson deserves a great downtown: Tucson Metro Chamber guest post

Posted on Wed, Jan 18, 2012

Let’s make 2012 the breakthrough year for the commencement of a robust redevelopment of Tucson’s downtown. Cities nationwide have found ways to build attractive and functional urban cores. Tucson can, too. There are several obvious reasons why a vibrant downtown is critical to our city.

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Topics: Tucson, Economic development, Investment property, Office, Retail, Multifamily

Arizona's slow housing recovery and the multifamily market impact

Posted on Thu, Aug 18, 2011

Once the poster child for national population growth and housing starts, Arizona, like other states historically reliant on construction, took a beating in the downturn, and the well-publicized forecast points to a long road to recovery.

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Topics: Tucson, Commercial real estate, Investment property, Market trends, Distressed assets, Apartments, Multifamily