In Q2, Tucson’s post-pandemic office market began to re-center itself, as vaccinations became more widespread, and employers planned their return to office strategies. Vacancy rose to 9.5%, with an expectation it will approach 10.0% by year-end before stabilizing. Activity was strongest in the healthcare-related fields, with hospice, home health care, counseling and therapy uses most prevalent.
Read MoreTopics: Tucson, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Lease rates, Leasing, Office, Medical office
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
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.
Read MoreTopics: 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.
Read MoreTopics: Tucson, Investment property, Apartments, Multifamily
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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.
Read MoreTopics: 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.
Read MoreTopics: 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.
Read MoreTopics: 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.
Read MoreTopics: 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.
Read MoreTopics: Economy, Commercial real estate, Economic development, Investment property, Market trends, Lease rates, Warehouse, Transportation, Logistics, Manufacturing
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