• Q4 2017 ended with 4,382 sq. ft. of positive net absorption, up from (50,272) sq. ft. of negative net absorption recorded in the previous quarter.

  • Vacancy in the Tucson retail market declined slightly by 10 basis points (bps) quarter-over-quarter to 7.2% in Q4 2017. On an annual basis, this represents a 10 bps decrease.

  • Year-over-year, vacancy declined in only two of the six submarkets. Vacancy fell 260 bps in the Northeast submarket to 7.7%.

  • In Q4 2017, the marketwide average asking lease rate dropped slightly quarter-over-quarter to $15.70 triple net (NNN) per sq. ft.

  • There was one new retail delivery to the Tucson market in Q4 2017, the BTS for Ross Dress for Less in the Houghton Town Center.

  • One project totaling 55,000 sq. ft. is currently underway in the Southwest submarket. The Landing (formerly “Fashion Park”) continues construction on Phase I of the master planned development located on Irvington Road west of I-19.