TUCSON, ARIZONA (June 26, 2023) -- The Trend Report mid-year issue is out today.
If you ask anyone involved in Tucson real estate, “What’s New?” be ready for an earful! That’s what we did when preparing for our Mid-Year update this year, and here’s what we heard.
First, we welcome new businesses coming here. Imperial Brown will be opening in Tucson on July 1st. Justin Sandall, CFO of Imperial Brown, walks us through his company’s thought process in choosing Tucson over all the other options, a decision that marks the start of even more new things.
We are excited to have Dr. Elizabeth “Betsy” Cantwell explain the cutting-edge innovations in water technology for agriculture and related fields coming from the University of Arizona. The fact that she will be stepping away from her position at UArizona at the end of this month to become Utah State University’s new President makes her contribution to this issue even more special. We wish her the very best in her new innovative endeavors!
Another relatively new company that we welcome enthusiastically is Holbrook Asphalt which recently purchased a three-acre site in Breakers 40 Industrial Park, Marana, for its home. Then, when you thought you’d heard everything, there are new methods of asphalt preservation being used by Holbrook. Mike Polletta, an Asset Preservation Consultant at Holbrook Asphalt, explains the newest asphalt preservation available, offering longer-lasting roads at a lesser cost!
Dr. George Hammond, Director of the Economic and Business Research Center at Eller College of Management, tells us what’s happening in the Arizona economy and the fine line we walk for the rest of 2023.
We asked, “What’s New?” to Chairman of the Rio Nuevo Board, Fletcher McCusker, and he warns us not to blink; there’s so much happening in the Rio Nuevo district—plenty of projects already this year and more expected in the back half of 2023.
New retail projects wouldn’t be complete without discussing all the buzz surrounding Uptown at Foothills, Bourn Companies’ new redevelopment project at the Foothills Mall. The $500 million project strikes the imagination and excitement for this planned redevelopment.
The Tucson Housing Market expert Jim Daniel, a Principal of RL Brown Housing Reports, tells us to expect positive signs for the second half of 2023 and why.
We’ve discussed the office market before; many claim it’s dead. Brian Hatcher, President and COO of Kidder Matthew’s brokerage on the West Coast, brings some new perspectives to that conversation. “Wherever there is change, there is an opportunity,” advises Hatcher, and he has scores of ideas for thriving in a down market with opportunities suggested for what to do with those vacant office buildings.
Are there new solutions for affordable housing? Steve Cole, a local appraiser and owner of Southwest Appraisal Associates, thinks there is and presents an in-depth case for making housing affordable again.
Then we asked the University of Arizona, “What’s new” there? The Applied Research Building opened recently, following on the heels of the Mission Integration Lab that opened at the end of last year. Both are kind of a Big Deal! We thank the University’s Marketing & Communications group for bringing us the details on these new buildings and how they will improve space exploration from the University of Arizona.
A new thought-provoking study conducted by IPX 1031 found that 50% of Americans suffer from “Shopping Mall Nostalgia.” We’ve published these results in Prime Real Estate: 68% of Americans Live Within One Hour of a “Dead Mall.”
Then Paul Kraft with Pima County Real Estate Research Council shares a synopsis of the comprehensive Pima County’s Industrial Market from its June meeting. This volunteer organization provides valuable insight into various aspects of residential and commercial real estate markets.
Water has been on many Arizonan’s minds lately, especially in Phoenix. The Greater Phoenix Economic Council published a summary of what we need to know about Governor Hobbs and the Arizona Department of Water Resources for the Phoenix Active Management Area Groundwater Model in response to the widespread uncertainty across the country.
Finally, we close the issue with the Top 5 Commercial Sales at Mid-Year point 2023.
To all who helped with this Trendreport issue, we extend our sincere thanks. These reports are made possible with the involvement of these noted individuals sharing their knowledge and time.
In addition, we thank the Trendreport team: Patti van Leer, Michael Rossmann, Melissa Vucijevic, Jack Paddock, and Cindy Erwin. We will be starting work right away on next month’s Hospitality and Tourism issue.
We also thank you, our readers, for your continued support. As always, we appreciate your feedback and welcome your comments!
Please contact TrendReportAz@outlook.com to learn more about subscribing to the Trend Report and how it may help your business.