A billionaire’s proposal to build a sustainable city in Arizona has at least one local technology leader excited, but real estate experts pointed out a few significant challenges to bringing the massive metropolis to the state.
As the economic hub of Southern Arizona, Tucson provides big-city amenities along with advantages found in mid-sized cities and surrounding suburbs. Despite the flip on what environment will allow companies to thrive post-pandemic, Tucson is in a good position to meet demands.
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Even as the potential health effects of COVID-19 lessen with vaccinations, workers don’t want to give up the flexibility, cost savings, safer health conditions and work-life balance that working from home gives them. Here at Commercial Real Estate Group of Tucson, my own discussions with local companies bear this out.
consumer spending is stronger in Tucson than the national average. Retail trade jobs are growing faster, too. That shows that Tucson retail space continue to be sought after, although some of those locations may be used as fulfillment facilities as businesses adjust to more online shopping.
After a year of experience running your business with COVID-19, it’s time to take a hard look at what’s next for using Tucson office space. That’s especially true if it appears your employees prefer to continue working remotely. Even as more people become vaccinated, there are still concerns about the rate of transmission and length of protection that cause people to be cautious. COVID-19 will affect site selection decisions for a while. Real Estate Advisor Michael Coretz suggests to take a methodical approach to figuring out how much space you need and how you would use it.
Tucson-based Paradigm Laboratories, in partnership with Phoenix-based Prorenata Labs, developed a test for quickly detecting COVID-19. ARCpoint Labs, also in Tucson, created a rapid test for antibodies. Area hospitals became part of several clinical trials for the treatment of and vaccination against the virus. The University of Arizona is part of a statewide testing program for antibodies. Even Tucson companies that aren’t in bioscience stepped up. Universal Avionics provided space for the production of face masks and shields. World View pivoted from making stratospheric balloons to sewing medical isolation gowns.
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Tucson continues to earn recognition as a city that companies and workers will want to locate to in the post-COVID-19 era. Commercial real estate site selection consultants named Tucson among 11 mid-sized cities that had strong potential for new locations or expansion projects in 2021. It’s hard to tell how well the economy will recover, especially as the pandemic drags on. But when it happens, Tucson’s commercial property offerings will attract companies looking for a new place to solve the business conditions caused by the virus.
Finding the right Tucson industrial space can be difficult at first. When early searches fail to identify an available site that meet the company’s space and immense power requirements, Commercial Real Estate Group of Tucson helps solve the problem.