Office space growth linked to jobs

Noelle Haro-Gomez El Mercado Office Plaza El Mercado Office Plaza at 6420 E. Broadway, Tucson
Noelle Haro-Gomez El Mercado Office Plaza El Mercado Office Plaza at 6420 E. Broadway, Tucson

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.

Continued: 

Related: Retail market flat; Lack of new space a positive

Share this!

Additional Articles

News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.