After an extensive recessionary period when ‘uncertainty’ was the ruling word, Tucson’s commercial real estate sectors have settled into a sense of stability that signals firming fundamentals and a somewhat painfully slow return to market balance. Limited meaningful job creation remains the largest hurdle to overcome, with health care uncertainty and the impending presidential and congressional[…]
PICOR Connect | Trends in Commercial Real Estate
Operating fundamentals took their usual second quarter dip with students, seasonal visitors and seasonal employees departing for the summer. Market occupancy dropped 285 units which is on the light side of typical for Tucson. During the past 12 months, total occupied units continued climbing upward, increasing 995 units over Q2 2011 and gaining 2,245 units since Q2 2010.
Tucson’s office market remains stable, yet far from dynamic, due in large part to limited job creation. In addition, health care uncertainty (preceding the Supreme Court decision) and the impending presidential and congressional elections have contributed to a cautious business climate. Some meaningful growth continues in Tucson’s health care sector, with economies of scale, more favorable[…]
Evolving consumer expectations, ubiquitous connectivity, and the growing adoption of mobile technologies are rapidly transforming the retail environment. The retail store once held the position as the primary and most tangible means for a customer to encounter a brand and remains the principal channel for the merchant and shoppers to connect. Stores have since become only one component of a[…]
The fur is flying anew, and with good reason. Continued research shows that despite decades of good intentions and diversity efforts, women in commercial real estate (and more broadly in business) have not achieved equal access to C-suite positions or equal pay for equal work.
On Wednesday, Metropolitan Pima Alliance (MPA) announced Pima County's approval of fee credits for prior new development. When considered with last month's change in connection fee structure for new construction, the comprehensive changes that MPA was able to negotiate with Pima County will certainly save Tucson-area commercial real estate owners and investors substantially when doing new[…]
As Sterling Cooper Draper Pryce expand their firm, surely they will want their fingers on the pulse of the latest in building operating costs.
Located only 60 miles from the U.S.-Mexico border, Tucson is the second-largest city in Arizona. With a population near one million residents, the metro area is host to private and public employment, including the roughly 50,000 students and employees at the University of Arizona (U of A), a highly-ranked public research institution founded in 1885. Davis-Monthan Air Force Base is located[…]
A recent program held by the Pima County Real Estate Research Council (PCRERC) featured speakers entrenched in commercial real estate and investment south of the Arizona-Sonora border in the state of Sonora, Mexico. Presentations opened many eyes about the opportunities for U.S. companies and individuals to locate and invest in Sonora.
Compared to 2010, retail property occupancy levels for 2011 were up almost 16% in PICOR's portfolio over the previous year. The average occupancy rate for PICOR’s managed portfolio was 80%, compared to 69% in 2010. While market wide vacancy was 91.6% at year end, PICOR's role in turning around distressed and receivership properties means a lower occupancy in our portfolio; however, year over[…]