Tucson retail, like other property sectors, enjoyed improvement as the marketwide vacancy dropped to 6.8% on positive absorption of 452,409 square feet (sf). The majority of the absorption was a result of the opening of the 360,000-sf Tucson Premium Outlets in Marana and the Cushman & Wakefield | PICOR Comcast office lease at the Tucson Galleria taking 211,000 sf out of the retail[…]
Home prices increased in June, thanks to inventory at a 21-month low coupled with steady consumer demand and favorable interest rates. U. S. consumer confidence was up significantly, and personal income statewide slightly outpaced the rate of gain nationally. Moody’s forecasts Tucson’s year-end unemployment to be under 5.7%, with improvement continuing through 2016 and 2017.
Ever wish you had a crystal ball to inform your next commercial real estate move? In our latest edition of #CRE Coffee Breaks, we do the next best thing, inviting insights from an internationally respected retail industry futurist, Doug Stephens. Doug paints a future that shakes up traditional thinking, with regard to shopping centers vs. e-commerce, innovation and consumer expectations, among[…]
Each year since its 2005 Tucson commercial real estate market entry, Costar, the leading provider of industry market intelligence, has tracked and awarded the highest-producing companies and individuals in the Tucson marketplace.
A short time ago, in modern America, there were some maxims that simply applied at all times. After a solid 60 years of suburban expansion in the Automobile Age, it seemed like “retail follows rooftops” and “drive until you qualify” were principles of urban expansion and of real estate development that were immutable and everlasting. Cheap energy, our reliance upon automobiles, and our vision of[…]
Metro Tucson ended November with a total of 372,000 non-agriculture jobs, gaining 5,200 jobs year-over-year (YOY), an annualized job growth rate of 1.4%. Personal income rose 2.7% locally over a year earlier, while statewide retail sales were up 1.9% YOY. Tucson home prices ended 2014 with a respectable 4.6% gain in median selling price.
With an improving national economic and employment picture slowly lifting all boats, the Arizona and Tucson employment rates followed suit; statewide employment was up 2.1% over a year ago. Residential inventory continued to stabilize and median sale prices gained 6.2% over prior year. Shared Services Center’s expansion announcement netting 200 new jobs made a positive statement about Tucson as[…]
Overall, we remain confident that consumers will continue to increase spending at a healthy clip, which will boost the need for both retail and industrial space int he coming year.
At 2014's midway point, the Tucson retail market continued its positive performance. Read more, as we detail the highlights for the quarter.
Stronger employment and income growth are boosting the rate of growth of consumer spending. That’s great news for the economy. Consumer spending accounts for 68% of total gross domestic product. Stronger consumer spending growth means stronger economic growth. This is an important element in our forecast for much stronger economic growth over the next 12 to 18 months. It also suggests that the[…]