TUCSON—This is the eleventh consecutive quarter in which the Tucson industrial market has reported positive absorption, with 266,771 square feet in the third quarter 2014. The Tucson industrial market observed a healthy drop in vacancy in the third quarter, reporting 10.4%, down from the mid-year vacancy of 11.1%. The supply of premium space is beginning to tighten in the Tucson market, which is driving up rates and leaving fewer options for new tenants entering the market. GlobeSt.com caught up with Bill DiVito, first vice president, CBRE, to get his take on the numbers.
GlobeSt.com: To what do you attribute the health of the industrial market?
DiVito: No new product is being built so rental rates are rising and vacancies are falling; this, in turn, is causing property values to rise.
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