CBRE’s recent Q2 2021 Tucson Retail Report shows retail leasing activity fell in Q2 with a negative net absorption rate of 24.5KSF.
Q1 net absorption had been 31.5KSF.
Quarter-over-quarter vacancy was 8.3 percent, up from 8.1 percent in Q1. Q2 2020’s vacancy was 7.1 percent.
With no new retail projects under construction in the market, redeveloping existing big-box locations remains an activity driver.
Triple-net asking lease rates fell $0.49 quarter-over-quarter to $17.67. Rates were down one percent year-over-year. (Source)