The top sale this past week at Cushman & Wakefield | PICOR was of a 9,900 square foot (SF) industrial building located near Interstate 10 where Paul Hooker, SIOR, Principal, Jesse Blum, Principal, and Andrew Keim, Industrial Specialists represented the seller in this transaction. The top lease was of a 16,100 SF industrial space at North Business Center where Paul Hooker, SIOR, Principal,[…]
PICOR Connect | Trends in Commercial Real Estate
The top sale this past week at Cushman & Wakefield | PICOR was of Vine Apartments, an 8-unit investment property located just south of the University of Arizona campus. C&W | PICOR Multifamily Specialists, Allan Mendelsberg, Principal, and Joey Martinez represented both parties in this transaction. The top lease was of an 8,000 square foot (SF) industrial property at 2055 E 17th St, located in[…]
The top sale this past week at Cushman & Wakefield | PICOR was of 32nd Street Apartments, an investment property located in central Tucson where our Multifamily Specialists, Allan Mendelsberg, Principal, and Joey Martinez represented both parties in this transaction. The top lease was of a 43,065 square foot (SF) industrial space, also located in central Tucson, where our Industrial Specialists[…]
The top sale this past week at C&W | PICOR was of a 72-unit apartment complex located on Fort Lowell Road where Allan Mendelsberg, Principal, and Joey Martinez represented both the buyer and seller in this transaction. The top lease was of a 15,000 square foot (SF) warehouse/office space near I-10 where Robert C. Glaser, SIOR, CCIM, Principal, Industrial Specialist, represented the landlord in[…]
Last week, our top sale and lease transactions comprised of industrial properties. These transactions illustrate the growing economy and the high demand for industrial space. Meanwhile, the vacancy rates are at a record low of 3.2%. Companies are marking Tucson as a desirable location as we see national growth in the manufacturing and logistics industries.
Historical Building Sells for Above Asking Price, While Catering Company Renews Lease in Butterfield Business Center
Our top sale last week was of a historical office building architecturally ahead of its time where one of our office specialists, Richard M. Kleiner, MBA, Principal, represented the seller. Our top lease was an industrial space from a local catering company that not only serves exceptional food but provides catering for emergency responders during crises. Paul Hooker, SIOR, Principal, Andrew[…]
Renovated Investment Property Sells for $1.2 Mil, While a Warehouse Distribution Center Supports Nearshoring Manufacturing
The multi-family and industrial team produced the top sale and lease transactions last week at C&W | PICOR. Allan Mendelsberg, Principal, and Conrad Joey Martinez recently sold an apartment property near the University of Arizona. Across the border, Jose Dabdoub, Industrial Specialist, represented the tenant during the lease of a warehouse distribution center in Mexico.
In Q2 2021, Tucson industrial and flex space of all types remained the darling during tumultuous pandemic times and for the foreseeable future. E-commerce and expanded consumer buying power drove logistics and fulfillment demand and a 5.5% vacancy rate in the market.
Supply in the Tucson industrial market remains stable, with only one new industrial project under construction. We do hear of numerous proposed industrial developments in the region with 5,000-10,000 square foot (sf) bays. We expect supply of small-bay industrial (under 5,000 sf) to remain consistent until rents grow by 35%-50%.
The Tucson industrial market remained strong at midyear, as evidenced by our primary metric: Vacancy rate. Once again, vacancy has ticked-down, this time to 5.1%. Echoing the comments last quarter, Tucson is experiencing a “plateau effect” in the industrial sector in that the dynamic run-up in absorption slowed as the market leveled off at a highly-occupied equilibrium.