By: Mike Hammond, President, Cushman & Wakefield | Picor
Metro Tucson added 5,100 jobs year-over-year through September. Educational/Health Services and Professional/Business Services accounted for 65% of the job growth, with unemployment improving significantly to 5.3% by September.
Both broker sentiment and consumer confidence are up, and while job growth is Tucson's highest need, significant infusions of construction dollars are expected to be a boon which includes the HomeGoods facility, with 800,000 sf under construction near the Tucson Airport, and Banner Health's significant capital infusion into its hospital system.
TUCSON RETAIL UPDATE
Tucson retail, like other property sectors, enjoyed improvement as the marketwide vacancy dropped to 6.8% on positive absorption of 452,409 square feet (sf). ...
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TUCSON INDUSTRIAL UPDATE
The Tucson industrial market enjoyed strong positive net absorption totaling 412,970 square feet (sf) in the third quarter, reducing vacancy to 9.4%, the first return to single digits and the lowest level recorded since 2008...
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TUCSON MULTIFAMILY UPDATE
In a show of local market strength, Tucson's multifamily sector reported saw positive growth in all key statistical categories in the third quarter of 2015...
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TUCSON OFFICE UPDATE
Tucson's office overall vacancy improved slightly in the third quarter, ending at 12.6% on positive market-wide absorption of 33,293 square feet (sf)...
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