Skip to content

Call Us Today
(520) 877-2656

  • Home
  • Sales
    • 1st Quarter Sales
    • 2nd Quarter Sales
    • 3rd Quarter Sales
    • 4th Quarter Sales
  • Leases
  • Advertise
  • Subscribe
  • Listings
  • Login
Menu
  • Home
  • Sales
    • 1st Quarter Sales
    • 2nd Quarter Sales
    • 3rd Quarter Sales
    • 4th Quarter Sales
  • Leases
  • Advertise
  • Subscribe
  • Listings
  • Login

Insights on Tucson’s Industrial Market from Jesse Blum

  • Home
  • News
  • Insights on Tucson’s Industrial Market from Jesse Blum
News
/
February 24, 2023
/
Real Estate Daily News Service
image_pdfimage_print

TUCSON, ARIZONA, February 24, 2023 -- Jesse Blum, an industrial specialist at Cushman & Wakefield | PICOR, presented at the CCIM Economic Forecast on February 16th, sharing his insights on Tucson's industrial market growth.

Jesse_CCIM post

The city faced a challenging industrial market during the 2008 recession, with a 15% vacancy rate and job losses. However, with the help of the business community, the City of Tucson, the County, the State, Sun Corridor, and the ACA, the city has transformed its economy over the years, resulting in an economic impact of over $32 billion.

The 2020 pandemic brought two driving forces to Tucson's industrial market. First, the pandemic increased Tucson's population as employees worked remotely, and individuals had the chance to choose where they lived. The pandemic also resulted in a rise in online purchasing, which led to the need to decentralize the supply chain and replace mega, centralized warehouses with smaller warehouses throughout the country. Today, Tucson's industrial market is booming, with a vacancy rate of 2.6%. However, the inventory is struggling to keep up with the demand, for example, there is only one bay of modern institutional quality space left on the market.

Despite the threat to Tucson's success due to the lack of inventory, there is an upside. With low vacancy rates, a national spotlight on Tucson, and a growing diversification of the user base, the city has received an influx of institutional developers interested in participating in the growing market. With projects like the 1.8 million square feet under construction by Flint and the upcoming 990k project by Lincoln, the market has a 3–5-year supply for Tucson's demand. This is an ideal setting for developers, and Tucson's industrial market is poised for continued growth.

Share Now!

Recent Posts

  • Arizona Motel Sells to Casa Maria for Affordable Housing in South Tucson
  • High Street Residential Completes Construction on 310-unit Smith & Rio in Tempe
  • Tucson Metro Chamber Supports Proposition 496 to Invest in Public Schools
  • Lennar Arizona Closes on $11.5 Million Purchase of 148 Finished Lots in Gladden Farms, Marana, AZ
  • High-profile medical office building trades for $23.3M in the greater Phoenix area

Archives

Newsletter

  • 1st Quarter Sales
  • 2020 SoAZ Forecast Competition
  • 2nd Quarter Sales
  • 3rd Quarter Sales
  • 4th Quarter Sales
  • 5905 East Speedway Blvd, Tucson, AZ
  • Account
  • Advertising
  • Annual Site Access Conditions
  • Archives
  • ASP Test
  • displaycomp
  • Executives Prefer CCIM
  • HELP WANTED
  • Home
  • Ina Capital Development
  • Link Page
  • Login
  • MARKET LEADERS – CCIM DESIGNEES
  • Newsletter Subscription
  • Pima County Real Estate Research Council
  • Privacy Policy
  • RED Comps Terms and Conditions
  • Red Leases
  • Registration-Login
  • rss
  • Sample RED Comps
  • Search Comps
  • searchanalytics
  • searchmapselection
  • searchresults
  • searchshortreport
  • SearchTool
  • Southgate Commerce Park
  • Subscription
  • Team Management
  • Terms of Service
  • Test
  • Test Comp Search
  • Thank You
  • Thank You For Subscribing
  • www.realestatedaily-news.com Privacy Policy
  • About Real Estate Daily News

Copyright © 2023 Real Estate Daily News
Website by: Heart and Soul Web Design

Scroll to Top