As we take some time to reflect and express gratitude this season, Cushman & Wakefield | PICOR would like to extend our appreciation for the collective spirit of generosity that defines this time of year. We are grateful for the dedication of our partners, clients, and employees, as well as the unwavering support of our community. We are excited to share that our 29th Pancake Breakfast Fundraiser[…]
PICOR Connect | Trends in Commercial Real Estate
The Tucson multifamily market continued to display dynamic trends throughout Q3. The vacancy rate notably grew to 7.76%, marking a significant 1.61% YOY increase. Moreover, the Tucson MSA’s inventory increased measurably by 233 units during this period, indicating a growing demand for housing in the region. On the rental front, monthly gross apartment rents in Tucson climbed to $1,167 per unit or[…]
With investment activity down across all commercial property types in 2023, medical office buildings have felt the impact but remain in high demand. This is due to solid fundamentals in rental growth, stable rent rolls, and lower vacancy compared to other commercial property types in the current economic climate.
Cushman & Wakefield | PICOR recently facilitated two noteworthy industrial property transactions in the northwest region of Tucson.
AZ Daily Star Guest Post by Gabriela Rico
Older office buildings across Tucson could soon start disappearing as vacancy rates remain high and owners struggle to find new tenants. The exodus from traditional offices that began with the pandemic is ongoing and many employers have either embraced hybrid work schedules or turned out the lights for good.
As the Tucson office market continues to recover from the pandemic, owners are finding innovative ways to repurpose excess space. With widespread adoption of remote work and a tight labor market, many large office properties stand vacant. According to the Arizona Daily Star, users are converting these spaces to grow houses, pickleball courts, storage facilities, and industrial space.