The Tucson Retail market showed a great amount of promise this last year. The Cushman & Wakefield report shows that Tucson, AZ had a positive net absorption of 262,000 sf, which ultimately exceeded the first two quarters of 2017 with a combined 256,205 sf.
The demand for retail space continues to grow in this area; in its third quarter there was well over 149,000 sf of retail space under construction and this is only expected to increase in 2018.
Tucson can be broken down even further by its submarkets, with the downtown Tucson area showing a great amount of growth and promise for investors who are looking for retail investment opportunities. Tucson’s remarkably low vacancy rate of 6.2% is ultimately being outshined by the downtown area, which has a vacancy rate of 5.5%.
Because of such demand in retail, residential and student housing projects are following suit, adding more residential and student housing in this area has created a community that is more of a “live-work-play” area. Driving more and more individuals to this area, not only for work, but for living and entertainment.
For a more in depth analysis of the Tucson, AZ retail market, check out Cushman & Wakefield’s review of the market.
And if you’re an investor interested in learning more about the Tucson commercial real estate market, in particular retail properties, contact myNOI’s selected broker in Tucson and Pinal County, Arizona, Jeril Benedict.
Dalesmy Gonzalez is a graduate of Western Washington University where she studied Business Administration with an emphasis in Marketing.
She specializes in optimizing digital marketing websites for commercial real estate brokers and connecting buyers, sellers, and investors across the US.