Two recent mid sized industrial transactions were recently completed, 2200 E Benson Highway (5,760 SF) and 1050 E 19th St (14,010 SF). Both of them were solar related. Both transactions were expansions, effectively doubling in size.
The Tucson solar market seems to continue to grow and prosper. In addition to solar install growth, Solar Research & Development continues to grow throughout Tucson. With 286 days of sun in Tucson, the solar industry is very appealing.
As the virus continues to damage the economy, the housing market seems to feel little effects, including housing improvements like solar and remodels. There continues to be multiple offers on listings and renters are having trouble finding housing, especially affordable housing. This high demand, low supply scenario creates a perfect storm for housing developers. This increased development directly benefits the industrial market as the developers need warehouses and industrial yards to store building materials. There is also a huge demand for trades related businesses that serve the housing market like solar, plumbing, electrical, and HVAC. Those trades related businesses typically occupy small to mid-sized industrial property.
Max Fisher, Industrial Properties Broker