Bed Bath & Beyond, once a prominent player in the big box retail sector, has filed for bankruptcy, after a culmination of missteps and missed opportunities over the past decade.
PICOR Connect | Trends in Commercial Real Estate
The Multi-Family team, consisting of Allan Mendelsberg and Joey Martinez, had an exceptional week, marked by three remarkable sales where they represented all parties involved. The properties include Monte Vista Commons, The Compound Luxury Student Housing, and Pima Commons, which collectively accounted for an impressive total of over $7.7 million dollars.
By TEP | June 2023
The Tower, a commercial high-rise office building at 5151 E Broadway, has stood as an iconic fixture in the city’s eastern skyline since 1975.
So, at the height of the pandemic when the commercial real estate market was suffering a severe economic blow, property owners Kent Circle Partners|Seldin Real Estate, Inc. sought creative ways to add eco-friendly amenities for tenants[…]
TAD IV Holdings LLC recently acquired the 5th Ave Apartments in Tucson for $1 million, with the expertise of Allan Mendelsberg and Joey Martinez, Principals and Multi-Family Specialists at Cushman & Wakefield | PICOR, while Richard M. Kleiner, MBA, Principal, and Medical/Office Specialist at Cushman & Wakefield | PICOR, successfully negotiated a lease for a medical office on behalf of Tucson[…]
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.
Tucson's Office Market: Pandemic Impacts, Medical Investment Trends, and the Rise of Mental Health Companies
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[…]