DealMakerTeam February Market Report: The Tucson Office Market is HOT!
Finally, some good news from the Tucson office sector! As a
result of the rapidly improving local economy, the market has
seen a significant increase in office sales and new leases. This
has lowered the vacancy rate for office properties three percent
below the historical average of 12 percent to close to 9 percent.
This is just the beginning. The market is undergoing a
transformation from a buyers to a sellers market. Rents are at an
8-year high which is increasing your property value.
In 2018, this trend is set to continue even with more properties
under construction. For those familiar with the Tucson office
market, this is very exciting. For years, the market often remained
stagnant or declined because of both the over supply of inventory
and the shortage of companies willing to invest their resources
into Tucson. Thankfully, This is no longer the case! National
corporations have finally caught on to what Arizona and Tucson
have to offer.
In just the last year, the number new home permits issued has
increased by twenty percent in Tucson. This coincides with the
construction of Comcast’s new Class A building on Oracle road,
and Caterpillar announced the construction of their new 150,000
SF mining division building. Other companies are sure to follow
and some already have, and as a result, there has been an influx
of interested buyers.
Currently, there is a shortage of inventory in the Office sector, so
properties are getting snatched up immediately. Want to see what
your property is worth?
NOW is a great time to Re-Evaluate your office properties. Please
contact me at 520-400- 9811 or email me
at email@example.com to schedule a free consultation.