For Star subscribers: Tucson's industrial market is booming, with a vacancy rate of 2.6%.
Gabriela Rico Interest in developing industrial properties in the Tucson area remains strong, albeit with a smaller footprint.
“First, the pandemic increased Tucson’s population as employees worked remotely, and individuals had the chance to choose where they lived,” he said in a recent economic forecast. “The pandemic also resulted in a rise in online purchasing, which led to the need to decentralize the supply chain and replace mega, centralized warehouses with smaller warehouses throughout the country.”
“With low vacancy rates, a national spotlight on Tucson, and a growing diversification of the user base, the city has received an influx of institutional developers interested in participating in the growing market,” he said. “This is an ideal setting for developers, and Tucson’s industrial market is poised for continued growth.”“A record breaking 1.8 million square feet of industrial projects are under construction in Tucson,” according to CBRE research.
“One of the things that we really liked about some of these markets close to the border is we saw the demand and not a lot built,” said Walker Durant, asset manager for Buzz Oates, who was represented in the sale by Stephen Cohen, with Picor.
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