In Q2 2021, Tucson industrial and flex space of all types remained the darling during tumultuous pandemic times and for the foreseeable future. E-commerce and expanded consumer buying power drove logistics and fulfillment demand and a 5.5% vacancy rate in the market.
Read MoreTopics: Tucson, Industrial, E-Commerce, Commercial real estate, Absorption, Warehouse, Leasing, Logistics, Development
CoStar Group, Inc., the data/analytics leader of the commercial real estate industry, has announced this year’s Power Broker Award recipients, recognizing professionals and firms who closed the highest transaction volume in commercial real estate deals, leading in their respective markets. In Tucson, AZ, Cushman & Wakefield | PICOR maintained uninterrupted achievement among both the Top Leasing Firms and Top Sales Firms ranking highest in productivity. At the individual recognition level, C&W | PICOR professionals represented the majority of the most active Tucson dealmakers, capturing 12 of the top 21 spots. C&W | PICOR team members comprised at least two of the top five in every category, including office leasing, retail leasing, industrial leasing, and sales.
Read MoreTopics: Tucson, Industrial, Commercial real estate, Investment property, Leasing, Office, Retail, Leadership, Multifamily
Supply in the Tucson industrial market remains stable, with only one new industrial project under construction. We do hear of numerous proposed industrial developments in the region with 5,000-10,000 square foot (sf) bays. We expect supply of small-bay industrial (under 5,000 sf) to remain consistent until rents grow by 35%-50%.
Read MoreTopics: Tucson, Industrial, Commercial real estate, Absorption, Warehouse, Leasing
On Sunday, November 17, 2019, we lost our brother, partner, friend, and teammate Russ Hall. Mercifully, his heart stopped quickly at the end of a day well lived in a place he loved. Not only was he a giant in the business and a perennial top producer, Russ shared everything he had, and his heart worked overtime every day. Everything has its limits, and Russ gave of himself until it just gave out. We simply weren't ready... Ten days earlier, when we asked our team what they were grateful for, Russ replied with this:
"Am blessed to walk in to an office everyday where you consider all 50 people among your best friends. Personally so thankful for my faith, survival of my little family, Health and all the wonderful blessings we hopefully never take for granted."
Read MoreTopics: Tucson, Industrial, Commercial real estate, Leadership
Like Forrest Gump and Jenny, or peas and carrots, commercial real estate and the economy enjoy a special relationship. Thus at Cushman & Wakefield | PICOR, we introduce our quarterly commercial real estate update with an economic backdrop to inform our perspective.
Read MoreTopics: Tucson, Industrial, Economy, Investment property, Absorption, Market trends, Vacancy, Office, Retail, Multifamily
The Tucson industrial market remained strong at midyear, as evidenced by our primary metric: Vacancy rate. Once again, vacancy has ticked-down, this time to 5.1%. Echoing the comments last quarter, Tucson is experiencing a “plateau effect” in the industrial sector in that the dynamic run-up in absorption slowed as the market leveled off at a highly-occupied equilibrium.
Read MoreTopics: Tucson, Industrial, Economy, Commercial real estate, Absorption, Market trends, Vacancy, Lease rates, Warehouse, Leasing, Manufacturing
Smaller scale manufacturing operations (1,000-5,000 SF) seem to be opening up shop and gaining momentum faster than ever. Why is this happening? I think the cost of manufacturing machines has come down and because of the strong economy, entrepreneurs have the spirit and the capital to start a manufacturing operation or grow their business with existing cash or lines of credit. Also, the cost of distribution continues to become more competitive.
Topics: Tucson, Industrial, Warehouse, Foreign trade zone, Manufacturing
CoStar Group, Inc., the data/analytics leader of the commercial real estate industry, recently announced this year’s Power Broker Award recipients, recognizing professionals and firms who closed the highest volume in commercial real estate transactions in their respective markets.
Read MoreTopics: Tucson, Industrial, Commercial real estate, Leasing, Office, Retail, Leadership, Multifamily, Marketing
Brandon Rodgers, SIOR, CCIM of Cushman & Wakefield | PICOR, has achieved the SIOR industrial designation awarded by the Society of Industrial and Office REALTORS®. SIOR is a Washington, DC-based international professional organization of more than 3,300 commercial real estate professionals whom have earned the coveted SIOR designation.
Read MoreTopics: Tucson, Industrial, Commercial real estate, Leadership
Positive momentum continued its five-year trend in 2018 in the Tucson industrial market, with vacancy improving to 5.7%, cut in half from its highest point in recent years. At year end, vacancy was lowest in the city center at 1.5% and highest in the Southwest/Airport area at 12.8%. Net absorption was 50.4% stronger than in 2017, and thanks to Amazon’s two projects, space under construction has quadrupled year over year. Significantly, Amazon is entering the market with an 850,000 square foot (sf) distribution center under construction in the southeast sector and a new 50,000 sf service center in the southwest.
Read MoreTopics: Tucson, Industrial, Economy, Commercial real estate, Economic development, Market trends, Vacancy, Lease rates, Logistics, Manufacturing
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