TUCSON, AZ (May 12, 2025) -- Pima County’s commercial real estate market continues to show pockets of strength despite broader economic headwinds. Through April 2025, total sales volume reached $126.1 million across 52 transactions, a slight uptick from March and reflecting growing momentum in select sectors—though down 19.6% year-over-year compared to the $156.8 million recorded in April 2024.
Bright spots in the market include retail and residential land, which are both seeing increased investor demand:
- Retail transactions doubled, rising from 9 in April 2024 to 18 in April 2025.
- Residential land sales surged 22% year-to-date, driven by sustained builder interest across the metro area.
- Industrial land also rebounded, with two sales recorded in April after no activity in March.
Year-to-date performance indicates continued confidence in key asset types:
- Retail: 50 transactions in 2025 vs. 41 in 2024 (+22%)
- Residential land: 39 vs. 30 (+30%)
- Multifamily: 17 transactions vs. 16 last year (steady)
While some categories have moderated, such as commercial land (-68%) and hotel (no sales in April), overall deal activity remains relatively stable. Through April, the total number of commercial property sales stood at 184, down modestly from 196 in the same period last year.
As the market adjusts to higher interest rates and evolving occupier needs, investors continue to target resilient asset classes with long-term growth potential. Tucson’s strong housing demand and renewed retail confidence underscore a market that, while shifting, remains highly active in targeted segments.