TUCSON, ARIZONA (May 10, 2023) -- CBRE has released its Q1 retail figures for Tucson. The Tucson retail market experienced one of the best performing quarters in several years, with
high net absorption, increased construction activity and low vacancy. Tucson’s national exposure as a premier retail and lifestyle location is evident, seen by the increase in leasing activity and high net absorption for the quarter. As the Tucson market heads in the direction of creative forms of retail experiences, development activity increased to 80,516 sq. ft. under construction.
Highlights from the report:
Tucson Q1 2023 Retail Figures
- The Tucson retail market experienced one of the best performing quarters in several years, with high net absorption, increased construction activity and low vacancy.
- 195,365 sq. ft. of net absorption occurred in Q1 2023, along with 297,725 sq. ft. of gross activity.
- Construction activity increased from the year prior even though 63,500 sq. ft. delivered in the first quarter.
- Tucson average asking lease rates increased $0.11 from the prior quarter in $17.44.
Read full report here: Figures Tucson Retail Q1 2023