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Friday, September 10, 2010 |
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| Apartment, office, industrial vacancies are up |
By Christie Smythe |
ARIZONA DAILY STAR |
May 30, 2008
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Real estate executives, developers, bankers and other interested parties gathered for the Pima County Real Estate Research Council's quarterly meeting last week. The topics included higher vacancy rates in apartments as well as in office and industrial buildings.
The higher vacancies are indicators of an economic slowdown, but probably a "mild" one, said Marshall Worden, director of the University of Arizona Science and Technology Park and research leader for the Real Estate Research Council.
"I'm not particularly bothered by these increases," Worden said in a phone interview. "They seem to be right in line with the dynamics of what's taking place in the economy and not anything more dramatic."
Working in concert with the UA Office of Economic Development, Worden regularly provides in-depth information to the Research Council. The organization met on Thursday at the Sheraton Tucson Hotel & Suites, 5151 E. Grant Road.
Apartment vacancies, especially, took a significant jump from last year, Worden said. The state's employer-sanctions law is likely part of the reason, he said, citing an exodus of illegal immigrants. Apartment renters may also be moving out of big complexes and into smaller complexes or single-family homes that are on the rental market, he said. The organization tracks 861 apartment complexes in Tucson.
Here are some vacancy numbers as of the first quarter of this year, from Worden's research:
- Apartments: 8.7 percent for complexes with 10 or more units. Up from 6.9 percent last year.
- Office space: 14.3 percent of leasable space. Up from less than 12 percent last year.
- Industrial space: 12.9 percent of leasable space. Up from less than 10 percent last year.
- For more information on the Pima County Real Estate Research Council, go to www.pcrrc.com.
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