In the third quarter, the Tucson industrial market maintained a consistent demand-supply dynamic, marked by limited inventory. After experiencing vacancy below 4.0% in the second quarter of 2023, the vacancy rate rose to 5.6% due to delivery of new vacant product to the market. Despite this, there was a positive net absorption of 292,707 square feet (sf).
PICOR Connect | Trends in Commercial Real Estate
Cushman & Wakefield | PICOR recently facilitated two noteworthy industrial property transactions in the northwest region of Tucson.
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.
During the second quarter of 2023, the Tucson industrial market remained healthy and resilient and was not impacted by economic downturns as severely as other markets. The vacancy rate experienced a slight increase, reaching 2.3% year-to-date (YTD) with positive overall absorption of 252,944 square feet (sf). Tucson continued to face high demand with limited inventory while rising construction[…]
Renovated Investment Property Sells for $1.2 Mil, While a Warehouse Distribution Center Supports Nearshoring Manufacturing
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.