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I found this interesting article by Barbi Reuter on commercial real estate in the Tucson area I wanted to share!
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BillyA
Mid-Year Pulse Check on the Tucson Commercial Real Estate Markets
by Barbi Reuter
After an extensive recessionary period when ‘uncertainty’ was the ruling word, Tucson’s commercial real estate sectors have settled into a sense of stability that signals firming fundamentals and a somewhat painfully slow return to market balance. Limited meaningful job creation remains the largest hurdle to overcome, with health care uncertainty and the impending presidential and congressional elections contributing to a cautious business climate. Some meaningful growth continues in Tucson’s medical sector, with economies of scale, more favorable locations, and proximity to health care centers fostering movement.
The residential market has been returning to health. A June report cites a 2.8 month supply of housing inventory with average closed prices increasing 11.6% from January to May 2012. While these statistics indicate a seller’s market, the significant lender-held inventory is a factor in overstating the perceived imbalance in the residential market. Further, high investor-owned housing stock could add to supply when significant price appreciation occurs.
Tucson’s commercial market dynamics closely follow those of Phoenix. With conditions improving in the sixth largest U.S. city and an uptick in the local housing market, signs point to positive change, albeit very gradual. Transportation and logistics in the region are drivers of construction activity, from the potential Picacho Peak rail switching yard to interstate widening in the northwest, downtown’s modern streetcar line, and expansion of the Port of Tucson enabling direct shipments to Asia.
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