PICOR Connect | Trends in Commercial Real Estate
Throughout Q2 2022, the Tucson market remained relatively strong compared to other one million plus population markets.
During Q2, overall activity remained static despite more workers returning to the office. National companies were more likely to insist on a return to the office while local employers took more time to work alternatives.
Overall market sales volume remains strong with $68.1 million trading this quarter.
Much has been written about the return to the office after the “Great Pandemic of 2020.” In March 2020 when millions of workers were sent home, speculation began about the “new workplace.” Many said working from home was the wave of the future and would spell the death of the office. Initial surveys showed that as many as 75% of workers wanted to work from home. With the elimination of[…]
Trends in the commercial real estate sector often parallel a community’s economic health, and the Tucson business climate is no exception. Industry metrics like vacancy rates, rent trends, and sale prices can track with business sentiment and performance, providing a helpful barometer of the times.
Over the last year, education was the most visible issue in Arizona. But, if you were watching closely, infrastructure and water issues were discussed and debated throughout the state as well. In some cases progress was made, in others, the conversations continue. In the opening weeks of the 2019 Arizona legislative session, two infrastructure issues dealing with water and highway funding will[…]
As we entered the second quarter of 2015, key drivers for the Tucson industrial market included logistics and call centers, with the mining industry preparing for the next wave. Tucson’s unemployment rate dropped 0.3 percentage point to 5.6% in February, considered close to full employment. That being said, the slow pace of job growth remained of primary concern and impeded stronger market[…]