Eileen Lewis was interviewed in regards to the current state of the industrial market in Tucson Arizona. James Breeze, senior director and global head of Industrial and Logistics Research at CBRE; Eileen Lewis, director of Property Management at Torch Properties; and Samantha Turner, senior real estate manager at Weyerhaeuser Company were also on the panel.
Some of the key takeaways include:
-There is no doubt that Covid has propelled the industrial market.
-Despite increased construction, vacancy remains low.
-Materials and labor remain high.
-The Amazon effect is spurring other retailers to lease distribution space.
-Tucson is seeing small-medium bay tenants move to Tucson because they can't find space in Phoenix and Tucson still more affordable that Phoenix.
-Vacancy remains very low in the Tucson market.
Below is the link to the BOMA panel interview
A Deeper Dive with BOMA: Taking Stock of Market Vitality in the Industrial Sector (June 2022) - BOMA TV
Max Fisher, Industrial Properties Broker