By Stacy Naughton | Inside Tucson Business
There’s a common theme when it comes to office space in Pima County: Employment, or lack thereof, is the driving factor of office space growth or retraction.
Tucson’s unemployment rate saw an improvement over the last eight months, from 7.3 percent in January to 6.7 percent in August. The Pima County Real Estate Research Council report, done in conjunction with the University of Arizona for the second quarter of 2013 and released last week, shows there are 23.9 million square feet of office real estate inventory currently available. Vacancy space among the office market increased marginally from 13 percent in the fourth quarter of 2008 — just before the Great Recession began — to 13.5 percent in the second quarter of 2013.
