Positive momentum accelerated in the Tucson industrial market during the second quarter, with vacancy improving to 8.6% on positive net absorption of 252,815 square feet (SF). After peaking at 13.4% 3Q 2011, market-wide vacancy improved to its lowest post-recession level, not reporting a sub-9.0% rate since 2008. Many projects reached full occupancy, with multi-tenant inventory inconsistently available. Of note given its nearly two million SF footprint, the UA Tech Park saw activity bringing its vacancy down to 2.0%.
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Topics:
Tucson,
Industrial,
Economy,
Commercial real estate,
Investment property,
Warehouse,
Leasing
Rent or mortgage payments are likely among the top expense line items in operating your business, right up there with staffing costs. Not only is the direct cost relevant, but also your choice of location and space layout has the potential to impact the productivity of your team, as well as the perception of your brand by customers and clients. With that in mind, let’s explore some key considerations that come into play when choosing a business location.
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Topics:
Tucson,
Industrial,
Commercial real estate,
Investment property,
Leasing,
Logistics,
Office,
Retail,
Medical office
Tucson’s multifamily market experienced minimal change from the previous quarter. The vacancy rate for stabilized units in Tucson increased 2 basis points from the previous quarter to a rate of 6.83%. This figure is very encouraging, given the seasonal nature of the Tucson apartment rental market. Many residents leave for the summer, escaping extreme heat, along with many students returning home. This is the lowest second quarter vacancy rate reported since 2006. Absorption decreased 29 units over the second quarter.
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Topics:
Tucson,
Economy,
Housing,
Commercial real estate,
Investment property,
Leasing,
Apartments,
Multifamily
The restaurant industry is a significant contributor to the national economy and its importance has been increasing over decades. According to the National Restaurant Association (NRA), the restaurant industry contributes 4% of the national Gross Domestic Product. The NRA also reports that the restaurant industry accounted for 25% of the total food dollar in 1955 and this increased to 47% of the national food dollar by 2016. Restaurant industry growth in real dollars is charted in the table below.
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Topics:
Tucson,
Commercial real estate,
Investment property,
Market trends,
Retail
