Land for apartments is selling at $3 per sf , or $130,000 an acre, while commercial corners in high traffic areas are selling for $13 to $20 per sf, as much as $870,000 per acre, says Richard Foerster, a broker with Tucson Realty & Trust Co.
The population increase isn't going to abate, he says, and the prices for land will only continue to increase in the coming decade.
Rising land prices, along with new upscale developments and low vacancy have driven down vacancy rates for commercial space.
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