Tucson’s average vacancy rate increased by 0.03% to 7.49% in Q1 2023, representing a 2.64% decrease year-over-year. The Tucson market’s leasing activity slowed as the new year turned, but towards the end of the first quarter picked back up velocity. The average gross apartment rent without utilities increased by $7 (.61%) from Q4 2022 to $1,164 per unit/$1.53 per square foot (sf). Of completed[…]
The Tucson retail commercial real estate market in Q1 2023 showed positive signs. The vacancy rate dropped from 6.2% at the end of 2022 to 5.9% at the end of Q1. Ten of the 13 submarkets experienced positive absorption during the last quarter, indicating continued demand for retail space.
During the first quarter, the Tucson industrial market registered a record-breaking low vacancy rate of 1.8%, while overall absorption reached 597,391 square feet (sf). This trend is not new as Tucson's supply continues to fall behind the demand, exacerbated by a 50% increase in construction costs over the past year. Consequently, lease rates and terms have been steadily increasing.
The Tucson office market continues to see a rippling effect from the pandemic as employers try to entice employees back to the office. Although vacancy rates have remained at 10.1%, the negative net absorption rate of -62,372 square feet (sf) is a cause for concern as the available inventory of 2,914,919 sf remains on the market. The post-pandemic hybrid work schedule has led to a trend in larger[…]
This week we welcomed Jason Abraham Shaltiel to our commercial real estate brokerage team!
Cushman & Wakefield | PICOR had a number of sales transactions last week. Among them, two deals stand out in central Tucson that showcase the variety of investment opportunities available in the area.
Get to know Bryce Horner, Cushman & Wakefield | PICOR's investment sales and leasing specialist.
Cushman & Wakefield | PICOR recently sold a 2,112-square-foot retail building in central west Tucson where Rob Tomlinson and Greg Furrier, Principals and Retail Specialists, represented the seller in the transaction.
The top sale this past week at Cushman & Wakefield | PICOR was of The Beverly on Fifth, a residential property in Central Tucson, where our Multifamily Team, Allan Mendelsberg, and Joey Martinez represented both parties in this transaction. The top lease was of industrial space within Southwest Tucson, where Robert C. Glaser, Industrial Specialist, represented the landlord in this transaction.
Jesse Blum, an industrial specialist at Cushman & Wakefield | PICOR, presented at the CCIM Economic Forecast on February 16th, sharing his insights on Tucson's industrial market growth.