RED Comps’ October Commercial Sales Summary

PIMA COUNTY, AZ (November 17, 2025) — Based on RED Comps’ October numbers, Pima County’s commercial real estate market delivered a steady and broadly resilient performance in October 2025, posting $132.4 million in total sales volume across 47 closed transactions. While activity came in slightly below September 2025 levels, the market continued to show balanced buyer demand across retail, office, multifamily, and land categories. The month’s results also reflect a moderate but meaningful improvement compared to October 2024, when sales volume and transaction counts were both lower, underscoring a market that has gradually strengthened over the past year.

RETAIL SECTOR

Retail once again led all categories with 14 transactions, continuing its role as the most active segment in Southern Arizona. Compared to October 2024, retail activity was higher both in volume and number of closings, reflecting improved tenant performance, solid consumer spending, and investor appetite for service-based and daily-needs retail. The mix of trades included NNN single-tenant assets and smaller multi-tenant centers, mirroring broader trends in stabilized Sun Belt secondary markets.

OFFICE SECTOR

The office sector recorded 9 closings, a slight increase from the previous year. While the national office market remains challenged, Tucson’s profile—dominated by medical offices, professional services, and owner-users—continues to insulate it from the significant volatility seen in major metropolitan areas. Steady population growth and health-care expansion helped support both user demand and investor interest in smaller buildings under 20,000 square feet.

MULTIFAMILY SECTOR

Multifamily activity included 6 transactions, consistent with recent months and nearly identical to October 2024. While underwriting has tightened due to borrowing costs, Tucson retains notable investor appeal due to its affordability advantage, strong workforce inflows, and moderation in new deliveries compared with Phoenix and other regional markets.

INDUSTRIAL SECTOR

Industrial posted four sales, slightly below both September 2025 and the same month last year. However, fundamentals remain strong, with the Airport, Southeast, and Northwest submarkets continuing to anchor long-term demand for logistics, manufacturing support, and flex inventory.

LAND SECTOR

Land sales showed mixed results, with one industrial land sale and eight residential land sales, primarily driven by continued absorption in Marana, Vail, and Oro Valley. Residential land activity was higher than in October 2024, reflecting more builder confidence and ongoing population-driven demand for new housing.

Overall, October 2025 demonstrated a healthier and more stable market compared to the same period one year earlier, with stronger retail, office, and residential land activity forming the backbone of a diversified and resilient commercial sales environment heading into Q4.