The top sale this past week at C&W | PICOR was of a 72-unit apartment complex located on Fort Lowell Road where Allan Mendelsberg, Principal, and Joey Martinez represented both the buyer and seller in this transaction. The top lease was of a 15,000 square foot (SF) warehouse/office space near I-10 where Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialist, represented the landlord in[…]
PICOR Connect | Trends in Commercial Real Estate
The top sale this past week at C&W | PICOR was an investment sale of an industrial building in Butterfield Business Center where our Industrial Specialists, Paul Hooker and Robert C. Glaser, represented the seller. The top lease was of an office space near Main Gate square which was leased by The University of Arizona. Molly Mary Gilbert, one of our Office Specialists, represented the landlord in[…]
Historical Building Sells for Above Asking Price, While Catering Company Renews Lease in Butterfield Business Center
Our top sale last week was of a historical office building architecturally ahead of its time where one of our office specialists, Richard M. Kleiner, MBA, Principal, represented the seller. Our top lease was an industrial space from a local catering company that not only serves exceptional food but provides catering for emergency responders during crises. Paul Hooker, SIOR, Principal, Andrew[…]
During Q2, overall activity remained static despite more workers returning to the office. National companies were more likely to insist on a return to the office while local employers took more time to work alternatives.
Not a day goes by that one of our landlord clients, an appraiser, or lender doesn’t ask us what the Tucson office market will look like once we work our way through the ongoing COVID-19 pandemic. We certainly wish we had a crystal ball that could see through this conundrum; however, it just isn’t that easy. The crystal ball, as clouded as it is, probably would not hold a vision of this pandemic[…]
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.
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[…]
The Tucson office market had a strong showing to finish 2020, with 162,000 square feet (sf) of office space coming off the market during the fourth quarter. Quarterly absorption contracted to negative 19,000 sf from the previous quarter’s negative 181,000 sf. The vacancy rate improved by twenty basis points to 9.2% from 9.4%, while the overall average rental rate for the metro area dropped to[…]