PICOR Connect | Trends in Commercial Real Estate

Say "Ah:" Our Diagnosis for the Tucson Office Market

Posted on Wed, Apr 23, 2014

Thanks to healthcare demand, the Tucson office market has a heartbeat. By increasing the number of insured citizens, coupled with a growing aging population, the Affordable Care Act is anticipated to be a key demand driver for Tucson medical space. The activity level of behavioral health tenants in the Tucson office market has particularly blossomed. Overall, post-recession job recovery locally has lagged the nation and state as a whole, leaving job creation the most pressing demand driver.

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Topics: Tucson, Commercial real estate, Investment property, Market trends, Vacancy, Office, Medical office

Tucson Office Market Snapshot: Silver Linings

Posted on Thu, Jan 30, 2014

With Tucson and state-wide post-recession job recovery lagging the nation, the local office market continued to rely on silver linings. Residential sales volume and median prices ended the year higher (14.0% and 7.1%, respectively), as positive recovery continued in the housing market.

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Topics: Tucson, Commercial real estate, Market trends, Vacancy, Lease rates, Office, Medical office

2013 Tucson Commercial Real Estate Market in Review

Posted on Fri, Jan 24, 2014

Don't want to digest reams of stats on the Tucson commercial real estate market's state of affairs? We've got short snapshots for you here. That being said, if you enjoy diving into that statistical stuff, say the word, and we'll send some your way...

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Topics: Tucson, Industrial, Investment property, Vacancy, Lease rates, Leasing, Office, Retail, Medical office, Apartments

Tucson Office Market: Downtown and Medical Uses Light the Way

Posted on Tue, Oct 08, 2013

Arizona job growth is outpacing the national rate, as the state recovers. Improvement in job gains is dominant in the Phoenix metropolitan area, with only 1,300 net new jobs in the Tucson region since July 2012. The housing recovery statewide has positively impacted construction jobs in both Phoenix and Tucson, but permits remain low, relative to historic norms.

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Topics: Tucson, Commercial real estate, Absorption, Market trends, Vacancy, Office, Medical office

Tucson office market follows on a strong 2012 finish in Q1

Posted on Thu, Apr 18, 2013

As with the national scene, quarter after quarter, we have cited the need for jobs to fuel a Tucson office market rebound. The State of Arizona reported significant job gains for the local market in February, with Tucson's unemployment improving to 6.7% from 7.3% in January. In the past year, 3,500 more jobs were added, largely in the education, leisure/hospitality and construction sectors.

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Topics: Tucson, Commercial real estate, Investment property, Absorption, Market trends, Vacancy, Lease rates, Leasing, Office, Medical office

Property Tax: Managing real estate ownership expenses in Arizona

Posted on Wed, Feb 06, 2013

Property taxes are one of the main expenses of real estate ownership in Arizona. In today’s business climate, taxes are under the microscope more than ever as property owners and managers seek ways to reduce expenses. We are fortunate that Arizona has a tax valuation appeal system. The system allows property owners or their agents to file an appeal petition for review with the purpose of lowering property tax. 

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Topics: Tucson, Industrial, Commercial real estate, Investment property, Office, Retail, Medical office, Multifamily

The Tucson Office Market (in 90 Seconds)

Posted on Thu, Oct 11, 2012

Is it another quarter of 'more of the same' for Tucson's commercial office market scene? Read on...

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Topics: Tucson, Commercial real estate, Investment property, Market trends, Vacancy, Leasing, Office, Medical office

Mid-Year Pulse Check on the Tucson Commercial Real Estate Markets

Posted on Thu, Aug 02, 2012

After an extensive recessionary period when ‘uncertainty’ was the ruling word, Tucson’s commercial real estate sectors have settled into a sense of stability that signals firming fundamentals and a somewhat painfully slow return to market balance. Limited meaningful job creation remains the largest hurdle to overcome, with health care uncertainty and the impending presidential and congressional elections contributing to a cautious business climate. Some meaningful growth continues in Tucson’s medical sector, with economies of scale, more favorable locations, and proximity to health care centers fostering movement.

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Topics: Tucson, Industrial, Commercial real estate, Investment property, Market trends, Vacancy, Lease rates, Warehouse, Leasing, Office, Retail, Medical office

Signs of Life in the Office Market

Posted on Wed, Jul 18, 2012

Tucson’s office market remains stable, yet far from dynamic, due in large part to limited job creation. In addition, health care uncertainty (preceding the Supreme Court decision) and the impending presidential and congressional elections have contributed to a cautious business climate. Some meaningful growth continues in Tucson’s health care sector, with economies of scale, more favorable locations, and proximity to health care centers fostering movement.

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Topics: Tucson, Commercial real estate, Investment property, Market trends, Vacancy, Lease rates, Leasing, Office, Medical office

Tucson's Dynamic Medical Office Market

Posted on Wed, May 09, 2012

The Tucson medical space market has been dynamic through the economic recession, perhaps more so than any other sector of the commercial real estate market. Recent activity has shifted from the heady days of 2003 through 2008, when the purchase of medical office buildings was all the rage, to the currently more conservative world of leasing office space.  To be sure, all activity, sale or lease, has occurred at significantly lower price levels, with prices and rents down 10 to 15% in medical properties,  albeit significantly less than declines in the market for general office space. 

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Topics: Tucson, Technology, Commercial real estate, Investment property, Market trends, Office, Medical office