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 drive-time, and being home with family, who wouldn’t? Even productivity seemed higher. Then, over time, started the little murmurs, that perhaps the office was not completely extinct. There was perhaps, still a need for the office and that workers wanted to return to the workplace. Recent workforce surveys demonstrate that the 75% want to return to the office, many of them younger, newer to the working world.
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Topics:
Tucson,
Economy,
Technology,
Commercial real estate,
Investment property,
Market trends,
Construction,
Office
Amid the COVID-19 pandemic, more than 11,000 businesses in Arizona and 1,300 in Tucson received economic relief from the federal government. While Arizona posted one of the sharpest unemployment drops in the country in May, it increased in June from 9% to 10%. On a positive note, The University of Arizona reopened with a mixture of online and in-person classes on August 24th, and LendingTree.com named Tucson the number one searched market for “homes for sale” during the pandemic in the U.S.
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Topics:
Tucson,
Investment property,
Apartments,
Multifamily
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Much of the analysis regarding the coronavirus impact — including ours at Cushman & Wakefield — has understandably been focused on the negative impact of the outbreak and downside scenarios. The situation is fluid, and there remain many unknowns. However, to inject a little bit of optimism and to help provide perspective, we offer five “glass half full” observations:
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Topics:
Commercial real estate,
Community,
Investment property,
Market trends
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.
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Topics:
Tucson,
Industrial,
Economy,
Investment property,
Absorption,
Market trends,
Vacancy,
Office,
Retail,
Multifamily
The Tucson Metro Chamber wrote the legislative bill SB 1248: property taxes; valuation; property modifications, which was sponsored by Arizona State Senator Vince Leach. Governor Doug Ducey signed the bill on June 7, 2019.
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Topics:
Tucson,
Commercial real estate,
Investment property,
Finance
Tucson’s office market ended 2018 with an overall vacancy of 8.4%, reflecting consistency and stability in the market for three straight quarters. While higher in 2017, 2018’s positive net absorption of 146,000 square feet (sf) marked the fifth year in positive territory. On this solid platform with firm fundamentals, tightening inventory has created rent pressure in select niche markets. Average rates market-wide increased slightly over the year to $19.16 per square foot (psf), with class A rates ending the year at $23.82 psf.
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Topics:
Tucson,
Commercial real estate,
Investment property,
Market trends,
Leasing,
Office,
Medical office
A bipartisan measure tucked into the 2017 federal tax law is providing a significant opportunity for investors to reduce their capital gains taxes while spurring economic growth in designated areas of Arizona.
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Topics:
Tucson,
Economy,
Economic development,
Community,
Investment property,
Distressed assets,
Finance
“Wow! What a great time to be in Industrial real estate!” These are sentiments not heard in almost a decade. During the depths of the doldrums, the Tucson commercial real estate market was marked by Foreclosures and REO sales, “blend and extend” lease negotiations, downsizing (or “rightsizing” as it was more positively termed) and a general sense of survival.
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Topics:
Economy,
Commercial real estate,
Economic development,
Investment property,
Market trends,
Lease rates,
Warehouse,
Transportation,
Logistics,
Manufacturing
Tucson retail vacancy improved dramatically in the first quarter of 2018, dropping from 6.0% to 5.6%. This may have led to an increase in average asking lease rates compared to last quarter. Rates averaged $15.05 per square foot (psf) versus $14.87 psf at year end 2017.
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Topics:
Tucson,
Economy,
Commercial real estate,
Investment property,
Absorption,
Vacancy,
Lease rates,
Leasing,
Retail
Tucson’s retail market continued its robust growth with over 262,000 square feet (sf) of positive net absorption for this quarter, which exceeded the first and second quarter’s combined absorption of 256,205 sf. Pent-up demand in the market spurred an increase in retail space under construction from 123,402 sf in Q2 to 149,218 sf this quarter. Vacancy ticked-down slightly from 6.4% to 6.2%.
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Topics:
Economy,
Commercial real estate,
Investment property,
Leasing,
Retail
