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Market Report

Tucson Multifamily Market Report

3Q 2022

Local Public Service Roster Expands;
City Policy Encourages Additional CBD Conversion Projects

Healthcare, educational institutions bolster apartment demand. A collection of medical and educational-related office leases were executed during the 12-month span ending in June, with commitments by Brookline College, Cornerstone Behavioral Health and Marana Health Centers highlighting the list. These move-ins contributed to the 4,000 new public service jobs added through the frame, with recent hires boosting apartment demand. Home to the most sector-related expansions, Central Tucson-University registered a considerable improvement in multifamily net absorption. Public sector wages, aligning with lower-tier rentals, caused local Class C vacancy to drop 120 basis points to 2.1 percent in June.
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