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.
PICOR Connect | Trends in Commercial Real Estate
Get to know Bryce Horner, Cushman & Wakefield | PICOR's investment sales and leasing specialist.
Cushman & Wakefield | PICOR recently sold a2,112-square-foot retail buildingin central west Tucson whereRob 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.
In the fourth quarter, Tucson saw the average vacancy rate increase 1.20% to 7.46% from the previous quarter, which is also a 3.08% increase year over year (YOY).
AZ Daily Star Guest Post by Gabriela Rico
Throughout 2022, the Tucson office market was challenged by post-pandemic disruption to work patterns and reconsideration oflayout and use of space. The office vacancy rate rose slightly to 10.4% on the total available inventory of 28,887,249 square feet(sf). The Refinery at the Tech Park was completed, adding 120,000 sf to the market; otherwise, healthcare and ancillary medicalpractices continue[…]
The Tucson industrial market remained stable at year end, with market-wide vacancy approaching a historic low of 2.5%. Net absorption in Q4 was estimated at 590,980 square feet (sf), about half in newly constructed projects. Demand is being driven primarily by logistics, distribution, manufacturing, and the cannabis industry.
The top sale this past week at Cushman & Wakefield | PICOR was of a lot at Rio Rico South Industrial Park where one of our Industrial Specialists, Jose Dabdoub, represented the seller in this transaction. The top lease was of another industrial space, a renewal at Country Club Commerce Center where one of our Industrial Specialists, Robert C. Glaser, SIOR, CCIM, Principal, represented the[…]