PICOR Connect | Trends in Commercial Real Estate

Tucson Retail Market: Positive Momentum Continues

Posted on Wed, Dec 09, 2015

Market Overview

Tucson retail, like other property sectors, enjoyed improvement as the marketwide vacancy dropped to 6.8% on positive absorption of 452,409 square feet (sf). The majority of the absorption was a result of the opening of the 360,000-sf Tucson Premium Outlets in Marana and the Cushman & Wakefield | PICOR Comcast office lease at the Tucson Galleria taking 211,000 sf out of the retail inventory.

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Topics: Tucson, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Retail

tucson office market: Q3 retrospective

Posted on Wed, Dec 02, 2015

In an environment marked by stability, metro Tucson added 3,300 jobs year-over-year through August. Educational/Health Services and Professional/Business Services accounted for 78.8% of the job growth, with unemployment improving significantly to 5.3% by September.

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Topics: Tucson, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Office, Medical office

Tucson Industrial Market Breaks Through an Occupancy Milestone

Posted on Thu, Oct 29, 2015

While not enjoying job recovery on pace with the national average, metro Tucson added 3,300 jobs year-over-year through August. Educational/Health Services and Professional/ Business Services accounted for 78.8% of the job growth, with unemployment improving significantly to 5.3% by September. 

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Topics: Tucson, Industrial, Economy, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Lease rates, Warehouse, Leasing

Finger on the pulse: Tucson's Industrial Market

Posted on Tue, Mar 03, 2015

Metro Tucson ended November with a total of 372,000 non-farm jobs, gaining 5,200 jobs year-over-year (YOY), an annualized job growth rate of 1.4%. Personal income rose 2.7% locally over a year earlier. HomeGoods, a division of TJX Companies, announced intent to open its western distribution center in Tucson, a proposed 800,000-square-foot (sf) facility with an estimated economic impact of nearly $900 million. HomeGoods received Pima County approval and awaits a tax incentive decision from the City in February. The real estate is being brokered in part by Cushman & Wakefield | PICOR.

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Topics: Tucson, Industrial, Sonora Mexico, Economy, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Lease rates, Warehouse

The Mixed Story on the Tucson Apartment Market

Posted on Thu, Feb 26, 2015

Metro Tucson ended November with a total of 372,000 non-farm jobs, gaining 5,200 year-over-year (YOY), an annualized job growth rate of 1.4%. Growth in home prices began to flatten, with a 4.6% gain in median selling price in 2014. HomeGoods, a division of TJM Companies, announced interest in opening a western distribution center in Tucson, an operation employing up to 900 with an estimated economic impact of nearly $900 million. HomeGoods received Pima County approval and awaits a tax incentive decision from the City of Tucson in February.

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Topics: Tucson, Housing, Commercial real estate, Investment property, Absorption, Vacancy, Apartments, Multifamily

Tucson Office Market: 2014 Recap and 2015 Forecast

Posted on Thu, Jan 29, 2015

From an economic standpoint, Metro Tucson ended November with a total of 372,000 non-farm jobs, gaining 5,200 jobs year-over-year (YOY), an annualized job growth rate of 1.4%. Growth in home prices began to flatten, with a 4.6% gain in median selling price in 2014. HomeGoods, a division of TJX Companies, announced interest in opening a western distribution center in Tucson, a proposed 800,000-square-foot (sf) facility with an estimated economic impact of nearly $900 million. HomeGoods received Pima County approval and awaits a tax incentive decision from the City in February. The real estate is being brokered in part by Cushman & Wakefield | PICOR.

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Topics: Tucson, Economy, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Lease rates, Leasing, Office, Medical office

Tucson's apartment market sees gains in Q3

Posted on Tue, Nov 11, 2014

For the Tucson apartment market, the third quarter of 2014 continued to report historic progress in absorption and vacancy figures.  Tucson's multifamily inventory absorbed 618 units in the third quarter of the year. The vacancy rate dropped 0.8% to a very encouraging 8.2%.  These two indicators continue to improve in the marketplace mainly due to the declining average rent in Tucson. 

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Topics: Tucson, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Apartments, Multifamily

How's your appetite? Food retailers hungry for Tucson retail sites

Posted on Thu, Nov 06, 2014

With an improving national economic and employment picture slowly lifting all boats, the Arizona and Tucson employment rates followed suit; statewide employment was up 2.1% over a year ago. Residential inventory continued to stabilize and median sale prices gained 6.2% over prior year. Shared Services Center’s expansion announcement netting 200 new jobs made a positive statement about Tucson as a location to service western states.

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Topics: Tucson, Commercial real estate, Investment property, Absorption, Vacancy, Retail

Tucson Office Market future looks bright (Debbie Downer has left the building)

Posted on Tue, Oct 21, 2014

With an improving national economic and employment picture lifting all boats, the unemployment rate for Arizona and the Tucson metro area followed suit. Home sales inventory continued to stabilize and median sale prices gained 6.2% over prior year. Shared Services Center’s expansion announcement netting 200 new jobs made a further positive statement about Tucson as a location to service western states.

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Topics: Tucson, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Lease rates, Leasing, Office, Medical office

Tucson: A Hotbed for Apartment Investors | Q2 Market Snapshot

Posted on Tue, Aug 26, 2014

The second quarter of 2014 saw historic progress in absorption and vacancy figures. 235 units were absorbed in the second quarter of the year with the largest gain in South Central Tucson. Downtown Tucson had all the buzz, and many prospective residents were looking for properties within this submarket. The overall vacancy rate dropped 0.28% to a very encouraging 9.05% at the year’s midway point. The net rents for the Tucson market continued to stay flat with no gain over the last six months. Tucson sales were averaging $639 per unit and $0.86 per sf (without utilities) in Metropolitan Tucson. The highest average rent was found in the Oro Valley/Catalina submarket at an average of $838 per unit. The lowest average rent of $512 per unit was found in the South Tucson/Airport area.

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Topics: Tucson, Housing, Commercial real estate, Investment property, Absorption, Vacancy, Apartments, Multifamily