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[…]
PICOR Connect | Trends in Commercial Real Estate
We've been in the prognostication business of late, and have gathered a great deal of data on the Tucson commercial real estate markets in one slide deck.
For the first time, C&W | PICOR Commercial Real Estate has partnered with The CoStar Group to deliver a "State of the Tucson Market" webinar, which will include perspectives from leaders of each commercial division and include the Sonora, Mexico border region.
Metropolitan Tucson’s unemployment improved, ending at 7.6% in August versus 8.6% the previous August and better than statewide unemployment which remained at 8.3%. The state of Arizona is currently ranked sixth in the nation in job creation, boding well for progress locally.
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[…]
Evolving consumer expectations, ubiquitous connectivity, and the growing adoption of mobile technologies are rapidly transforming the retail environment. The retail store once held the position as the primary and most tangible means for a customer to encounter a brand and remains the principal channel for the merchant and shoppers to connect. Stores have since become only one component of a[…]
Compared to 2010, retail property occupancy levels for 2011 were up almost 16% in PICOR's portfolio over the previous year. The average occupancy rate for PICOR’s managed portfolio was 80%, compared to 69% in 2010. While market wide vacancy was 91.6% at year end, PICOR's role in turning around distressed and receivership properties means a lower occupancy in our portfolio; however, year over[…]
Each year, PICOR recognizes standout performances from its team members. These range from the easily measurable and highly competitive production awards to those less tangible awards allowing senior leadership to recognize the little things that result in making a difference for clients and the community.
Let’s make 2012 the breakthrough year for the commencement of a robust redevelopment of Tucson’s downtown. Cities nationwide have found ways to build attractive and functional urban cores. Tucson can, too. There are several obvious reasons why a vibrant downtown is critical to our city.
Much has been written about the significant joint undertaking by FASB and IFRS to update lease accounting rules in the name of improved transparency. With real estate leases comprising a high percentage of all operating leases, the potential impact for the commercial real estate industry looms large, for landlords, tenants, brokers and property managers alike.