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[…]
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.
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.
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).
The top sale this past week at Cushman & Wakefield | PICOR was of Vine Apartments, an 8-unit investment property located just south of the University of Arizona campus. C&W | PICOR Multifamily Specialists, Allan Mendelsberg, Principal, and Joey Martinez represented both parties in this transaction. The top lease was of an 8,000 square foot (SF) industrial property at 2055 E 17th St, located in[…]
The top sale this past week at Cushman & Wakefield | PICOR was of 32nd Street Apartments, an investment property located in central Tucson where our Multifamily Specialists, Allan Mendelsberg, Principal, and Joey Martinez represented both parties in this transaction. The top lease was of a 43,065 square foot (SF) industrial space, also located in central Tucson, where our Industrial Specialists[…]
The top sale this past week at C&W | PICOR was of a 72-unit apartment complex located on Fort Lowell Road where Allan Mendelsberg, Principal, and Joey Martinez represented both the buyer and seller in this transaction. The top lease was of a 15,000 square foot (SF) warehouse/office space near I-10 where Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialist, represented the landlord in[…]
The top sale this past week at C&W | PICOR was of a renovated multifamily asset located near the University of Arizona where Allan Mendelsberg, Principal, and Joey Martinez represented both the buyer and seller in this transaction. The top lease was of a fenced yard at Old West Industrial Village, Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialist, represented the landlord in this[…]
The multi-family and industrial team produced the top sale and lease transactions last week at C&W | PICOR. Allan Mendelsberg, Principal, and Conrad Joey Martinez recently sold an apartment property near the University of Arizona. Across the border, Jose Dabdoub, Industrial Specialist, represented the tenant during the lease of a warehouse distribution center in Mexico.