The Tucson office market is gradually rebounding post-pandemic, with the vacancy rate decreasing from 9.4% to 8.9% compared to the previous quarter. However, the presence of 2.8 million square feet (sf) of available inventory remains a concern, primarily due to office users reevaluating their needs considering hybrid and remote work models. Medical users continue to drive the Tucson office[…]
The Tucson office market continues to see a rippling effect from the pandemic as employers try to entice employees back to the office. Although vacancy rates have remained at 10.1%, the negative net absorption rate of -62,372 square feet (sf) is a cause for concern as the available inventory of 2,914,919 sf remains on the market. The post-pandemic hybrid work schedule has led to a trend in larger[…]
Throughout 2022, the Tucson office market was challenged by post-pandemic disruption to work patterns and reconsideration oflayout and use of space. The office vacancy rate rose slightly to 10.4% on the total available inventory of 28,887,249 square feet(sf). The Refinery at the Tech Park was completed, adding 120,000 sf to the market; otherwise, healthcare and ancillary medicalpractices continue[…]
2020 was the year that flipped the office upside-down and created the need for the work-from-home model around the world. As we continue to recover from the pandemic, 2023 will be the year workers return to the office as we settle into this new normal. Many organizations debate what the “Great Return” of employees returning to the office will look like. Cushman & Wakefield’s Global Lead for[…]