TUCSON Q3 RETAIL: NET Absorption turns negative amid the pandemic

CBRE is reporting, the Tucson retail market began strong as retailers absorbed space pushing vacancy down. However, as uncertainty grows, the third quarter vacancy rate increased quarter-over-quarter as the pandemic continues on. Aside from the last four quarters, the current Tucson retail vacancy rate remains the lowest since Q3 2016. The rolling average over four quarters sits at 7.5%

The Tucson retail streak of positive net absorption was snapped shy of five consecutive quarters of growth, ending the third quarter with -276,517 SF. Tucson retail vacancy also increased quarter-over-quarter to 8.3%, up 120 basis points. This is an increase of 70 basis points when compared to the third quarter of 2019, when the vacancy rate was 7.6%.

Construction has been stagnant for several quarters, forcing tenants to look at existing space available in the metro. With grocery stores leading leasing in Tucson, the trend of redevelopment of former big box spaces will have continued interest in the Tucson submarket.

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Jennings Haug Cunningham earns “Best Law Firm” Ranking from 2021 Best Lawyers in America

Firm earns top ranking in Metro Phoenix in 14 practice areas including construction, environmental, energy and energy regulatory, insurance, personal injury and real estate litigation

PHOENIX, ARIZ. – Jennings Haug Cunningham earned top honors from the Best Lawyers in America®, a preeminent legal peer ranking, which recognized the firm as a 2021 Best Law Firm in its local and national rankings.

Jennings Haug Cunningham earned top rankings in Metro Phoenix for construction law & litigation, energy and energy regulatory law, environmental law, natural resources law, insurance law, real estate litigation and personal injury litigation; and nationally earned top rankings in construction law and litigation.

The Best Lawyers in America® recognizes law firms each year, naming firms and practice areas ranked by the legal community as top tier providers nationally, by state and by metropolitan area. Firms included in the 2021 Edition are recognized for professional excellence with consistently impressive ratings from clients and peers. Twelve attorneys with Jennings Haug Cunningham are recognized by The Best Lawyers in America® in 14 practice areas, making the firm eligible for rankings as a Best Law Firm in these areas.

The 2021 rankings are based on the highest number of participating firms and highest number of client ballots on record. To be eligible for a ranking, a firm must have a lawyer listed in The Best Lawyers in America®, which recognizes the top five percent of practicing attorneys in the U.S. Over 16,000 attorneys provided more than 1.125 million law firm assessments, and nearly 12,000 clients provided more than 107,000 evaluations.

Westcore Breaks Ground on Three-Building Industrial Park in Avondale, Arizona

Westcore teams with The Opus Group to deliver 720,000-SF industrial campus in Q2 of 2021

Avondale, Ariz. – Westcore, a leading industrial real estate acquisition, development and asset management firm, broke ground this month on a 720,000-square-foot, three-building industrial campus. Named Fairway 10, the campus is located on 51 acres of land at 199^th Ave. and the soon-to-be-opened new Fairway Drive interchange on the heavily trafficked Interstate 10 in Avondale, Arizona.

Westcore teamed with The Opus Group to serve as its development manager, as well as the design-build general contractor, and expects to complete the campus during the second quarter of next year.

“Fairway 10 is our first speculative development in the rapidly expanding Phoenix industrial market, and we’re already seeing encouraging tenant interest,” said Hack Adams, managing director at Westcore. “Tens of millions of consumers in the Southwest U.S. and Northern Mexico are within a day’s drive from warehouses and e-commerce facilities located in the greater region, driving continued demand for quality industrial space.”

Fairway 10 will include two single-loaded buildings of 162,000 and 170,000 square feet, well suited for two to four tenants, as well as one 390,000-square-foot cross-dock building appropriate for one to two tenants. The fenced and secured project fronts Interstate 10 and sits between two diamond interchanges at Fairway Drive and Avondale Blvd.

“We’ve made a number of investments in the Phoenix area this year,” said Adams. “Southwest Phoenix has emerged as one of the most vibrant industrial markets nationally, and it remains a strategic market for growing our portfolio.”

According to JLL’s third quarter 2020 Industrial Insight report, 81% of the more than 6 million square feet of warehouse and distribution space absorbed in Phoenix this year came from Phoenix’s West Valley.

Anthony Lydon, Marc Hertzberg and Riley Gilbert of JLL are marketing Fairway 10.

“Our strong broker partnerships are key to our success,” said Adams. “We appreciate Bo Mills bringing this opportunity to our attention, and we are glad to be working with Tony, Marc and Riley to market the project, as they were instrumental in our ability to quickly assess the development opportunity.”