Multifamily Market Slows Down in Q4: Vacancy Rates Increase and Rents Soften
In the fourth quarter, Tucson saw the average vacancy rate increase 1.20% to 7.46% from the previous quarter, which is also a 3.08% increase year over year (YOY).
PICOR Connect | Trends in Commercial Real Estate
Ripple Effect from Work-From-Home Employment Continues into Q4
Throughout 2022, the Tucson office market was challenged by post-pandemic disruption to work patterns and reconsideration oflayout and use of space. The office vacancy rate rose slightly to 10.4% on the total available inventory of 28,887,249 square feet(sf). The Refinery at the Tech Park was completed, adding 120,000 sf to the market; otherwise, healthcare and ancillary medicalpractices continue[…]
Industrial Market: Historically Low Vacancy Rate, New Expansions, & Price Inflations
The Tucson industrial market remained stable at year end, with market-wide vacancy approaching a historic low of 2.5%. Net absorption in Q4 was estimated at 590,980 square feet (sf), about half in newly constructed projects. Demand is being driven primarily by logistics, distribution, manufacturing, and the cannabis industry.