PICOR Connect | Trends in Commercial Real Estate

A bipartisan measure tucked into the 2017 federal tax law is providing a significant opportunity for investors to reduce their capital gains taxes while spurring economic growth in designated areas of Arizona.

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Topics: Tucson, Economy, Economic development, Community, Investment property, Distressed assets, Finance

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

The Tucson Metro Chamber announces the election of the 2018-19 board chair, six new board members and the full slate of board members. The Tucson Metro Chamber board of directors elected Barbi Reuter, president for Cushman & Wakefield | PICOR, as chair of the board for the 2018-2019 term. Reuter has held a seat on the board of directors since 2016 and has volunteered countless hours working with the Chamber on business and community issues.

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Topics: Tucson, Economy, Commercial real estate, Economic development, Community

Sam Kleiner, the son of Cushman & Wakefield | PICOR shareholder Rick Kleiner and his wife Jan, is in the news on the occasion of the release of Sam’s book The Flying Tigers, The Untold Story.   Published by Penguin Random House, the book has been released nationally earlier this month. 

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Topics: Tucson

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

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

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

Since CoStar Group entered the Tucson market in 2005 to track commercial property inventory, sales and lease transactions, Cushman & Wakefield | PICOR has consistently been ranked as one of CoStar’s top 10 “Power Brokers.”

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Topics: Tucson, Commercial real estate, Leadership

Cushman & Wakefield | PICOR salutes its 2017 outstanding achievers who were honored at the company’s annual awards luncheon held at the Tucson Country Club on January 24, 2018. Firm leader Barbi Reuter recognized Rebecca Fuentes, SPHR with the “President’s Award for Excellence,” citing tremendous growth, and stellar community and internal leadership roles. 

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Topics: Tucson, Commercial real estate, Property management, Leadership

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