Continuing our series of quarterly guest posts from the sharp analysts at Reis, Inc., we share this update on Tucson office vacancy as well as the Phoenix office market. Read on for some good news, with indicators moving in the right direction.
The Tucson apartment market is experiencing a renaissance with active and innovative development in the sector after a decade of underinvestment. During the housing boom of 2000 to 2008 the economics of multifamily development allowed few new developments in Tucson. Due to low apartment rental rates, high cost of land and building materials, very few multifamily developments penciled out in[…]
Arizona job growth has outpaced the nation since hitting bottom in fall 2010, and is making significant progress toward full employment. Much of the growth focused on Phoenix while Tucson’s progress was less robust. Local unemployment rates continued to improve ending May at 6.3%, a full percentage point improvement since January 2013. Retail sales in the metro area increased 2.1% year over year[…]
Arizona job growth outpaced the nation since hitting bottom in fall 2010, but is still digging out of the significant hole left by job losses during the downturn. Much of the growth focused on Phoenix while Tucson’s progress was less robust. Local unemployment rates continued to improve ending May at 6.3%, a full percentage-point improvement since January 2013. Retail sales in the metro area[…]
The TAR Scorecard gathers data from different sources to present a broader, comprehensive view of the overall real estate-housing and development market. The objective is to identify emerging trends in various subsectors. Viewed separately, these subsectors may not appear to be interrelated. But over time, the data ultimately converges to affect the performance of the entire market.