Post-COVID forecast: Tucson is looking bright
Real Estate Advisor,
Commercial Real Estate Group of Tucson
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.
The disease fueled by the novel coronavirus, SARS-CoV-2, has made site selectors rethink advice about where to look for location projects. They were asked if they were “likely” or “very likely” to consider expanding, relocating or opening facilities in four distinct areas.
The survey showed that suburban areas and mid-size cities are popular options. Even rural areas had a higher percentage of “likely” or “very likely” responses compared to large urban areas.
The results were part of a mid-summer survey of Site Selection Guild members on the impact of COVID-19. The guild is made up of professional site selection consultants who advise corporations on choosing commercial real estate for expansion or relocation.
“Everything from physical distancing to changing transit preferences has affected the way that corporations view location decisions,” said Rick Weddle, president and CEO of the Site Selectors Guild. “We hope this insight from our members will help both corporate decision makers and economic developers understand the changing landscape as well as new opportunities.”
The guild’s news came on the heels of a MOODY’S ANALYTICS REPORT that put Tucson in its top 10 metro areas that can quickly recover from the economic downturn caused by COVID-19.
Part of that recovery will be driven by a reputation already in place before the pandemic crippled the U.S. economy.
Tucson’s startup ecosystems
Business Facilities magazine took a look at Canadian and U.S. metropolitan areas before the pandemic skewed the data. It named Tucson eighth best in startup ecosystems.
The publication held up the UNIVERSITY OF ARIZONA’s Tech Parks Arizona as an example why Tucson fosters innovation. The Rita Road park has 2 million square feet of office, technology
and lab space. Under construction is UArizona Tech Park at The Bridges.
“Tech Parks Arizona stands as a leader in connecting private industry with world-class research and talent,” according to the magazine. “Here you will find the necessary components to scale and accelerate your science and technology-based business.”
Tech wages attractive
Top-notch facilities attract a top-notch workforce and TUCSON PROVIDES WELL-PAYING OPPORTUNITIES for tech workers. The metropolitan area ranks in the top 50 of tech salaries, according to Business.org. That’s a website focused on helping small businesses grow.
Business.org compared the median annual salaries of tech jobs—defined by the U.S. Bureau of Labor Statistics as a computer or mathematical occupation—to the median annual salaries of all
other jobs in 375 metro areas. At no. 43, Tucson’s median tech salary in 2020 is $81,160. That’s 220% higher than the average wage of all other occupations.
Another Southern Arizona metro, Sierra Vista-Douglas, came in at no. 3 with a 251% difference. The average salaries for tech workers is $90,780. Sierra Vista is 76 miles southeast of Tucson; Douglas 120 miles.
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. Contact Michael Coretz for a complimentary consultation at 520-299-3400.
In his 25-plus years as a commercial real estate tenant representative, Michael Coretz has picked up a wealth of information and expertise. He’s passionate about making sure that corporate users, tenants and buyers like you get a fair deal and the best solution for your business’s bottom line. Commercial Real Estate Group of Tucson specializes in representing tenants and corporate users across the United States, Latin America, Europe and Asia. For more information, call 520-299-3400 or visit www.commercial-real-estate-tucson.com.