Tucson Office Space
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Tucson Office Rates:
During the first half of 2009, Tucson (office space market) added only 77,000 square feet of commercial building space city-wide, and a mere 5,100 square feet was in the downtown area. Tucson office space Vacancy rates for office space are 14.8%, with an average asking cost of $18.42 per square foot (somewhat similar trend to Phoenix). These rental rates are in line with the average for U.S. cities. Before a potential tenant agrees to a lease, the terms should be negotiated. With unemployment still increasing there is a fear that the recession will continue, so many landlords are anxious to get their vacancies filled and tenants to move in. This is especially true for any property search that includes one for an executive suite.There has been a concerted effort to renew the downtown Tucson AZ area. Unfortunately, the anchor project—Rio Nuevo—has been held up in the planning stage, with no clear time frame established. There are also plans to build a Sheraton hotel by the convention center; at 25 stories, the hotel would become Tucson’s tallest building.
Downtown Tucson offers many attractions including retail. The Fox Theater, which opened in 1930, has recently been restored, as has the Rialto, which is part of the Rio Nuevo project. The train station showcases a 1900 locomotive, and the Pima County Courthouse, built in 1929, has been added to the National Register of Historic Places. The Hotel Congress, which was built in 1920, once reportedly had John Dillinger as a guest, and also houses a restaurant and live music club.
Tucson’s economy is heavily impacted by the military and by technology companies. Davis-Monthan Air Force Base is on the outskirts of the city, and Fort Huachuca is nearby. Texas Instruments, IBM, Raytheon, and others have given the area a boost, and there are more than 100 companies involved in the optical systems field. Other than tech companies, Tucson has a big market for retail, warehouse, and industrial space which we can also help you with.
Tourism is also a large contributor to Tucson’s success. Due to the area’s mild winters and low cost of living (89%), many retirees opt to winter in Tucson. Some maintain a home, while others stay in hotels or RV parks. Another source of revenue comes from wealthy shoppers who travel from Sonora, Mexico to purchase items not easily acquired at home.
Venturing outside of the downtown area, two popular destinations are the Saguaro National Park (with some spectacular examples of the Saguaro cactus) and Old Tombstone, a recreation of an old west town that was once a movie set. The Mission San Xavier del Bac was established in the late 1600’s, although the current structures are about a century newer.
Tucson has a population of 541,811, 11.3% higher than in 2000. Unemployment numbers are below the national average and currently run 8.4%. The crime rate is high—110 per 1,000 residents—due in part to the proximity to the border and the narcotics trade. These factors help keep the Tucson office space market somewhat competitive, considering the current state of commercial real estate across the country.
Surrounded by five mountain ranges (Tortolita, Tucson, Santa Catalina, Santa Rita, and the Rincon), Tucson is one of the more scenic cities in the southwest. The highest mountain in the Santa Catalina’s is Mount Lemmon at 9,157 feet; it is nation’s southernmost ski slope. Hiking and bicycling are popular activities in the various foothills.
Despite the fact that Tucson is in the desert, it does have a rainy season, during which flash floods are common. The Santa Cruz River, in particular, may cause some problems; for most of the year, the river goes underground and leaves behind a wash or dry river bed. If the rains are heavy, the river can flood—just another example of Tucson’s unique nature.