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News & Research
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Tucson - Market Analysis
| Written by: |
Tucson Realty & Trust Co. |
| E-mail: |
information@tucsonrealty.com |
| Date: |
09.07.05 |
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Office Market Analysis:
Tucson stayed somewhat in check in 2004 with the positive absorption staying ahead of new construction by about 120,000 sq. ft. This has been somewhat typical of election years, especially in our tertiary market, over the last few election years. In competitive office space (excluding owner-occupied and governmental spaces), the overall vacancy is approx. 13.5%. The rental rates for "A" and "B" class spaces have remained somewhat stable at $21-$23 and $18-$20 full-service.
Industrial Market Analysis:
The industrial market had increased activity through the second half of 2004 and shows continued growth in the first quarter of 2005. We anticipate an increase in activity and absorption in 2005.
Retail Market Analysis
As the declining vacancy and positive absorption numbers show, the retail market is strong, prices firm. Local retailers are doing well and are considering multiple locations. Many national retailers tell us that Tucson is a 3 or 4 store market (depending upon industry niche). Many local retailers tell us that they want to have at least 3 stores as a way to leverage their fixed costs (such as advertising and management) over a broader base. Tucson shoppers should be glad to hear this because the end result will be more convenient shopping, less travel and sitting in traffic. More national retailers are considering Tucson for sites. Tucson's growing population is helping to attract the nationals, but there is also the pull of the retailers themselves...where the big boxes go, others follow. Look for increased retail activity in the Kolb/Speedway intersection due to the new Lowe's under development on the NEC; same for the shopping center under renovation at the NEC of Kolb and Broadway. Look for major retail activity at the Irvington/I-19 in the expansion of West Point Crossing. Look for an all together expanded retail market in the Orange Grove/River Road intersection. Marana retail activity continues strong at the Cortaro Farms interchange. Look for the west parcel of Arizona Pavilions to fill in with a national line-up of retailers and restaurants.
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