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Tucson Commercial Real Estate In-depth
Tucson is located in southeast Arizona along the Santa Cruz River. It is the second-largest city in the state. Over 500,000 people call Tucson, Arizona home. It is also at the heart of a booming high-technology region. The beautiful climate is another quality that draws many to the city.
According to many real estate experts,
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Tucson Commercial Real Estate In-depth
Tucson is located in southeast Arizona along the Santa Cruz River. It is the second-largest city in the state. Over 500,000 people call Tucson, Arizona home. It is also at the heart of a booming high-technology region. The beautiful climate is another quality that draws many to the city.
According to many real estate experts, the Tucson office space market enjoys a nice degree of stability mostly because the lack of tentative office space development has cut Tucson off from a huge potential of vacant space in the future. Because of limited demand, lease rates for offices are continuing to decline, even being offered at a discount for subleases. Incentives for leasing or buying office space include rent abatement, tenant improvements and sometimes furnishing. Though the market is still weak, experts are beginning to see signs of improvement.
The vacancy rate for Tucson office space decreased slightly from 17.2% to 17.3% in the 4th quarter of 2009, 2008 saw an office vacancy of 15%. The vacancy rate for Downtown Tucson is slightly higher at 21.2%. New construction has slowed down considerably in the past few quarters, there were no new buildings completed in the 1st quarter of 2010, but some projects are on board as of April 2010.
Multifamily saw a sharp increase of 350% compared to the second half of 2009; land and retail properties remained relatively stable, but industrial and offices spaces saw sharp decreases.
Industrial space rates in Tucson continue to decrease fast. At the end of 2009, vacancy rates were above 11%. No new industrial space was under construction at the end of 2009. In 2010, manufacturing activity, freight shipments, global trade and retail sales have been improving for months; all good signs for the Tucson industrial space market.
Commercial real estate in Tucson may just be the answer to all your company’s questions. Look into opening, relocating or expanding with Tucson commercial real estate.
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