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PICOR Connect | Trends in Commercial Real Estate

Addressing Housing and Crime Challenges in Tucson: Insights from Property Management

Last updated on September 29th 2023
Tucson, Arizona is currently dealing with a multifaceted challenge related to homelessness and crime. The city has seen a significant increase in homelessness in recent years, which has significantly impacted property management and owners in the area. Additionally, rising crime rates, particularly property-related crimes, have added to property managers' challenges. This article will explore[…]
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Broker Buzz: Natalie Furrier – Insights, Stories, & the Retail Market

Last updated on September 20th 2023
Natalie Furrier, one of Cushman & Wakefield | PICOR’s retail specialists, has just marked her one-year anniversary as a PICOR broker! She specializes in the sale and leasing of properties for retail commerce including food and entertainment. In the following interview, we will get Natalie's take on the Tucson market and her firsthand insights and experiences.
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Pancake Breakfast Fundraiser Benefitting Tucson Youth

Last updated on September 13th 2023
Mark your calendars! On October 22 from 8:00 AM - 12:00 PM at Reid Park at Ramada One Cushman & Wakefield | PICOR employees, family members, and friends will mix, pour, flip, and serve as many pancakes as you can eat! Your donations support at-risk youth programs in Southern Arizona.
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Cushman & Wakefield | PICOR's $3.7 Million Total in Northwest Tucson's Industrial Scene

Last updated on September 8th 2023

Cushman & Wakefield | PICOR recently facilitated two noteworthy industrial property transactions in the northwest region of Tucson.

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Guest Post: Tucson Office Vacancies Rise as Need Dwindles

Last updated on August 30th 2023

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.

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Office Conversions on the Rise

Last updated on August 23rd 2023

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.

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Tucson's Multifamily Landscape: Q2 Market Insights & Trends

Last updated on August 16th 2023

Tucson’s average multifamily vacancy rate increased 0.60% to 8.09% in Q2 2023, representing a 26.81% increase YOY. The Tucson market’s leasing activity slowed as the new year turned, but toward the end of the first quarter regained velocity. The average gross apartment rent without utilities increased $7 (0.61%) from Q4 2022 to $1,164 per unit/$1.53 per square foot (sf). Of completed transactions[…]

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Progress and Trends in Tucson's Retail Commercial Real Estate Market in Q2

Last updated on August 9th 2023

The Tucson retail commercial real estate market in Q2 showed steady signs of improvement, with continued absorption of 270,000 square feet (sf) over the past 12 months causing a decrease in the overall vacancy rate from 6.2% one year ago to the current 5.6%. This positive trend surpasses the previous 5-year annual average of 230,000 sf of positive absorption, indicating progress. However, local[…]

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Examining Tucson's Office Market Recovery - Q2 Marketbeat Report

Last updated on August 2nd 2023

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[…]

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Tucson Industrial Market: A Beacon of Stability Despite Headwinds

Last updated on July 26th 2023

During the second quarter of 2023, the Tucson industrial market remained healthy and resilient and was not impacted by economic downturns as severely as other markets. The vacancy rate experienced a slight increase, reaching 2.3% year-to-date (YTD) with positive overall absorption of 252,944 square feet (sf). Tucson continued to face high demand with limited inventory while rising construction[…]

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