From Vancouver, B.C. with the lowest tracked vacancy rate to Birmingham, Alambama with the highest, Cushman & Wakefield has compiled statistics on the North American industrial markets. Where does yours stack up against the field of primarily U.S. cities and industrial markets?
In Tucson, we know vacancy and asking rates exceed the national average. However, with virtually no space under construction, the prospects for continued positive absorption as we saw in 2012 are strong.
- Overall Vacancy
- Direct Net Asking Rates
- Leasing Activity
- Construction Completions
- Projects Under Construction
The trendlines for Tucson’s industrial market and for the broader economy in Arizona are improving. From an economic standpoint, Elliott Pollack said this, earlier this week:
Arizona continues to be ranked top 5 or 10 in the country in most economic categories. Part of this has to do with our propensity to grow, and part has to do with us coming off a low baseline. Expect more of the same in the coming months.
Arizona unemployment insurance claims fell 3.5% from last week and are down 40% from last year. Single family listings are down 12% from last year in Greater Phoenix and the median price is up nearly 30%. Future price increases in single family housing are expected, just not at the exceptional rate that was realized over the last year.
See also this February 6th article, Industrial Evolution: A Four-Year Market Outlook in Commercial Property Executive, with additional highlights from Cushman & Wakefield on the national industrial markets.