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.Read More
PICOR Connect | Trends in Commercial Real Estate
In an environment marked by stability, 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.Read More
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.
Tom Knox retires from Cushman & Wakefield | PICOR, after twenty years of service, on September 30, 2015. An integral member of the office division and a principal/ shareholder, Tom's quality of thought and contributions made an indelible mark on our culture. Much of C&W | PICOR's success can be directly attributed to Tom's leadership, and his contributions will always be valued and remembered. His tireless work, commitment, and dedication are worthy of admiration.
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.
Each year since its 2005 Tucson commercial real estate market entry, Costar, the leading provider of industry market intelligence, has tracked and awarded the highest-producing companies and individuals in the Tucson marketplace.
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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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.