Courtesy of Lincoln Properties
By Gabriela Rico | Arizona Daily Star
Interest in developing industrial properties in the Tucson area remains strong, albeit with a smaller footprint.
Two driving forces resulted from the COVID-19 pandemic, said Jesse Blum, an industrial specialist with Picor commercial real estate.
“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.”
Today, Tucson’s industrial market is booming, with a vacancy rate of 2.6%, Blum said, noting there is little modern industrial space on the market.
