The office leasing market has been fragile for some time. Out of all the commercial real estate sectors, office seems to be last to the finish line of recovery. Overall the health of the office market is a reflection of the state of Tucson’s economy, specifically jobs.Read More
PICOR Connect | Trends in Commercial Real Estate
With thanks to countless donors and over 2,000 breakfast attendees, the PICOR Charitable Foundation (“PCF”) awarded $50,000 in grants in November, representing 100% of the proceeds from the 22nd Annual Pancake Breakfast. The Tucson-based firm and its foundation remain humbled to continue making an impact on the region’s youth via this annual event and effort.Read More
There is a powerful chapter in the bestselling book Good to Great that describes an amazing phenomenon called the flywheel effect. In the context of the book, the flywheel effect is the relentless and steady achievement of small things that lead to long term achievement of great things.
When you were a kid you might have played with a real flywheel called a gyroscope. It’s a heavy wheel connected to an axis (axel) and spun like toy top. Once spinning the gyroscope kept spinning until friction ultimately reduced its RPMs to a point where it lost momentum, began to wobble and ultimately fell over at a dead stop.
Finally. It’s getting brisk! Not just fall in the air (or the closest it comes in the Sonoran Desert), but a sense that Tucson has truly turned the corner. It’s a time when economic momentum is palpable, and good news comes in long jump strides—not in the inches of years past. We can stop pinching ourselves for a moment and celebrate this, relish it, then build on it. We deserve to bask in some abundant sunshine.Read More
Tucson’s apartment market experienced positive growth in all of the market indicators from the previous quarter. The vacancy rate for stabilized units improved by 0.56% from the previous quarter to a rate of 6.27%.
Anchored centers in Tucson continued their long-standing success, and well-positioned projects like Park Place Mall trade area’s Wilmot Plaza reported some of the strongest rents and lease-ups in recent years. Tucson's southwest submarket posted continued strong demand from retailers, entertainment venues, and restaurants.Read More
Tucson’s industrial vacancy continued its positive trajectory, improving by 50 basis points over Q2 2016 to end at 8.1%, the lowest level recorded since Q4 2008. With the completion of HomeGoods’ 858,288-square-foot (SF) distribution center, total net absorption to date in 2016 exceeded 1.2 million square feet (MSF), marking the first year over one MSF since 2006.Read More
As a result of steady, organic recovery and job growth, surplus and sublease office space in the Tucson market has largely shaken out. Overall market vacancy hovered around 12.0% for six solid years. At its current 11.5%, Tucson office vacancy is at the lowest point since Q4 2009. The data reveal a strong differential between older and newer buildings, with those built prior to the new millennium sitting at 13.9% vacant, and those built since 2000 enjoying a much healthier 6.0% vacancy. Absorption for the year is on pace to exceed the prior two years, standing at 289,278 square feet (SF) through the end of Q3.Read More
Earlier this month, our team was honored to win the Copper Cactus award for Best Place to Work (companies 31-75 employees). We couldn't be more thrilled, as this recognition belongs to every member of our company. Our team strives to exceed our clients' expectations, with a tremendous work ethic in a culture of fun. This is our seventh Copper Cactus Award since the program's inception, with past awards in Community Service, Business Growth, as well as an Innovation award finalist.Read More
Mid-year Tucson office market metrics were on a positive path. Positive year-to-date absorption of 205,301 square feet (SF) brought overall market vacancy down to 11.8%, nearly half a point below the historical average which skewed up in the recession. Existing and new call center requirements were present in the Tucson office market, as well as interest for medical, behavioral health and ancillary health care uses.Read More