The COVID-19 pandemic caused all sorts of disruptions to the corporate world. One such setback was the downfall of the office market, as many people made the transition to working remotely. But at least in Tucson, the office market appears to be in the beginning stages of making a comeback.
Not too long ago, CJR Investments sold an office suite of over 5,000 square feet at 10130 N. Oracle Road for a million and a half dollars. According to one of the individuals involved in the transaction, the move is more than symbolic. “They’re committed to the space — not just working from home,” said Gary Heinfeld, who was part of the team that represented CJR Investments. "Just in the last month, we’ve seen a little more activity for offices," he added.
Picor, a commercial brokerage firm, recently released a report that stated that vacancy rates held firm at 9.3% in the first quarter of 2021. But that same report also made a point to note that it expects to see that number fall in the second quarter as the demand for office spaces increases. “We anticipate that (the second quarter of 2021) will turn the corner toward increasing demand for office space,” the report says. “Pent-up demand is likely to become evident as decision makers feel more comfortable evaluating their near- and long-term office requirement.”