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.Read More
PICOR Connect | Trends in Commercial Real Estate
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.
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.
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.Read More
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.Read More
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.Read More
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.”Read More
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.Read More
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.Read More
The Tucson apartment market has been driven by a multitude of factors. The first factor that is driving the apartment market is that higher paying jobs are entering the Tucson economy. Tucson’s job growth remained relatively stagnant the past five years with median household income in the metro area 15.5% below that of the U. S. Several recent, high-profile jobs announcements included hundreds of highly-skilled and highly-compensated positions. The second wave of employers contracting with and supporting these primary employers will broaden the opportunities at all levels. As reported by the MAP Dashboard project, Tucson’s MSA enjoys a lower cost of living than many of its peer cities in the West and was 3.0% below the nation, driven largely by rental rates (2015 data).Read More