PICOR Connect | Trends in Commercial Real Estate

The Tucson Metro Chamber wrote the legislative bill SB 1248: property taxes; valuation; property modifications, which was sponsored by Arizona State Senator Vince Leach. Governor Doug Ducey signed the bill on June 7, 2019.

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Topics: Tucson, Commercial real estate, Investment property, Finance

For six years, Duke Long has published a list of top commercial real estate blogs. Cushman & Wakefield | PICOR's 'PICOR Connect' is pleased to receive mention among some industry titans, both local and national, in each of those years.

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Topics: Tucson, Commercial real estate, Marketing

CoStar Group, Inc., the data/analytics leader of the commercial real estate industry, recently announced this year’s Power Broker Award recipients, recognizing professionals and firms who closed the highest volume in commercial real estate transactions in their respective markets.

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Topics: Tucson, Industrial, Commercial real estate, Leasing, Office, Retail, Leadership, Multifamily, Marketing

Tucson’s office market ended 2018 with an overall vacancy of 8.4%, reflecting consistency and stability in the market for three straight quarters. While higher in 2017, 2018’s positive net absorption of 146,000 square feet (sf) marked the fifth year in positive territory. On this solid platform with firm fundamentals, tightening inventory has created rent pressure in select niche markets. Average rates market-wide increased slightly over the year to $19.16 per square foot (psf), with class A rates ending the year at $23.82 psf. 

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Topics: Tucson, Commercial real estate, Investment property, Market trends, Leasing, Office, Medical office

Brandon Rodgers, SIOR, CCIM of Cushman & Wakefield | PICOR, has achieved the SIOR industrial designation awarded by the Society of Industrial and Office REALTORS®.  SIOR is a Washington, DC-based international professional organization of more than 3,300 commercial real estate professionals whom have earned the coveted SIOR designation.

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Topics: Tucson, Industrial, Commercial real estate, Leadership

The vacancy rate of conventionally-operated, stabilized units increased 0.17% from last quarter to 6.1%. The University submarket had the lowest vacancy of any submarket at 3.7%. South Central Tucson, Southeast Tucson, and Pantano/Lakeside were the only three submarkets to record vacancies over 7.0%, with vacancies of 8.3%, 7.7% and 7.0% respectively. Five of the 15 submarkets experienced improved vacancy, with Tucson Mountain Foothills leading the way with a vacancy reduction of 2.0%. 

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

Positive momentum continued its five-year trend in 2018 in the Tucson industrial market, with vacancy improving to 5.7%, cut in half from its highest point in recent years. At year end, vacancy was lowest in the city center at 1.5% and highest in the Southwest/Airport area at 12.8%. Net absorption was 50.4% stronger than in 2017, and thanks to Amazon’s two projects, space under construction has quadrupled year over year. Significantly, Amazon is entering the market with an 850,000 square foot (sf) distribution center under construction in the southeast sector and a new 50,000 sf service center in the southwest.

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Topics: Tucson, Industrial, Economy, Commercial real estate, Economic development, Market trends, Vacancy, Lease rates, Logistics, Manufacturing

Cushman & Wakefield | PICOR is pleased to announce Dave Hammack and Aaron LaPrise have achieved shareholder status. The two high-performing commercial real estate brokerage professionals are both Tucson natives active in the International Council of Shopping Centers (ICSC) and join the existing 14 C&W| PICOR principals in January 2019. 

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Topics: Tucson, Commercial real estate, Community, Retail, Leadership

After a 17-year career with the University of Arizona Tech Park, Molly Gilbert joined Cushman & Wakefield | PICOR specializing in the sale and lease of Tucson office properties. While at the Tech Park, she led many initiatives, including Community Engagement efforts, managing community, government, university, and tenant relations. Molly is a co-founder of the Arizona Center for Innovation, one of the oldest business incubation programs in the state. She helped start numerous initiatives designed to bring stakeholders together and promote workforce development including the Arizona Business Incubator Association, Next Steps for Vets, Tucson Innovation Partnership, and Racing the Sun. She has written grants resulting in over $5 million in federal funding. Molly was the project manager for The Bridges and oversaw the construction of infrastructure improvements on the property. She has also worked as a middle school educator, retail store manager, and entrepreneur.

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Topics: Tucson, Commercial real estate, Community, Office, Leadership, Medical office

Over the last year, education was the most visible issue in Arizona.  But, if you were watching closely, infrastructure and water issues were discussed and debated throughout the state as well.  In some cases progress was made, in others, the conversations continue. In the opening weeks of the 2019 Arizona legislative session, two infrastructure issues dealing with water and highway funding will take center stage. 

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Topics: Tucson, Economy, Economic development, Transportation, Construction, water