The Tucson office market is gradually rebounding post-pandemic, with the vacancy rate decreasing from 9.4% to 8.9% compared to the previous quarter. However, the presence of 2.8 million square feet (sf) of available inventory remains a concern, primarily due to office users reevaluating their needs considering hybrid and remote work models. Medical users continue to drive the Tucson office[…]
PICOR Connect | Trends in Commercial Real Estate
With investment activity down across all commercial property types in 2023, medical office buildings have felt the impact but remain in high demand. This is due to solid fundamentals in rental growth, stable rent rolls, and lower vacancy compared to other commercial property types in the current economic climate.
AZ Daily Star Guest Post by Gabriela Rico
Older office buildings across Tucson could soon start disappearing as vacancy rates remain high and owners struggle to find new tenants. The exodus from traditional offices that began with the pandemic is ongoing and many employers have either embraced hybrid work schedules or turned out the lights for good.
As the Tucson office market continues to recover from the pandemic, owners are finding innovative ways to repurpose excess space. With widespread adoption of remote work and a tight labor market, many large office properties stand vacant. According to the Arizona Daily Star, users are converting these spaces to grow houses, pickleball courts, storage facilities, and industrial space.
The Tucson office market is steadily recovering from the pandemic, with tenants adapting to changing dynamics such as hybrid scheduling and condensed workforces. The Tucson office market shows small improvements from the previous quarter, with the vacancy rate dropping to 9.4%, however, the current 2.7 million square feet (sf) on the market still warrants attention. The market conditions offer[…]
Cushman & Wakefield | PICOR is expanding its presence in downtown Tucson by securing three new lease listings that will serve both office and retail-oriented businesses.
The quest for the ideal business location in Tucson or Southern Arizona is a pivotal journey, one that requires an adept navigator – a Commercial Real Estate (CRE) advisor or broker. Just as every successful voyage calls for a competent captain, every business relocation or expansion necessitates the expertise of a dedicated Tucson commercial real estate partner. Let's delve into the reasons why[…]
Tucson's Office Market: Pandemic Impacts, Medical Investment Trends, and the Rise of Mental Health Companies
The Tucson office market continues to see a rippling effect from the pandemic as employers try to entice employees back to the office. Although vacancy rates have remained at 10.1%, the negative net absorption rate of -62,372 square feet (sf) is a cause for concern as the available inventory of 2,914,919 sf remains on the market. The post-pandemic hybrid work schedule has led to a trend in larger[…]