TUCSON, ARIZONA -- CBRE's Nancy McClure is reporting retail big box leasing activity in the Tucson area, like most places, was stifled in 2020 by the on-going COVID-19 pandemic. At year-end, 36 spaces greater than 10,000-square-feet were availble, resulting +/- 1,460,515-square-feet of vacant big box space throughout the market. This compares to 48 spaces of that size and +/- 1,350,000-square-feet of large vacant retail space recorded at the end of 2019.
Although the velocity of new leases signed with big box retails was minimal, metropolitan Tucson did see +/- 159,97-square-feet of new leases signed in spaces of 10,000+-square-feet. Most of those were absorbing spaces under 18,000-square-feet.
Grocers reported some of the biggest gains in sales with everyone quarantined and eating at home. Home improvement concepts, sporting goods, drug stores, liquor stores, and bike shops were also winning. The pandemic pivot also pushed retailers to advance their technology to allow customers to order online and facilitate home delivery
or curbside pick-up. The direction retailers had already been heading toward over the past years was exponentially accelerated; those who did it well and fast won at the cash register and gained loyal customers.
Nancy McClure specializes in representing local and national retailers in their expansion pursuits across the Tucson area and other key markets in southwest Arizona. Nancy is a veteran professional in the Retail real estate industry.
For additional information, McClure and be reached at 520.323.5117 or [email protected]