New Statistics Reveal Tucson's Office Real Estate Market Has Attractive Options

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Commercial Real Estate Group of Tucson has compiled some meaningful statistics about the local market on its website, cretucson.com.

We want to provide an accurate picture of what's happening in office real estate

Businesses who need to strategically reconsider their office space needs could find an accommodating market in Tucson, Arizona , according to recent statistics released by Commercial Real Estate Group of Tucson.

Tucson has more than 2 million square feet of vacant office space, including nearly 72,000 square feet of attractive vacant sublease space, according to the mid-year 2008 CoStar Office Report for the Tucson market.

At $20.58 a square foot, quoted rental rates are stagnant overall and decreasing in some segments, the report said.

While many businesses have responded to the credit crunch and slowing economy by choosing to remain in their current office space, a wiser strategy is to respond intelligently to changing conditions, said a broker with Commercial Real Estate Group of Tucson.

"Even in this bleak economic environment, business owners still need to look for ways to maximize their real estate situation, whether it's to relocate, downsize or renegotiate leases," said Michael S. Coretz, whose company represents corporate tenants and buyers.

"In reality, no matter what's happening, businesses still face the need to run their businesses," said Coretz.

Commercial Real Estate Group of Tucson offers an up-to-date profile on the local office real estate market on its web site, http://www.cretucson.com.

"We want to provide an accurate picture of what's happening in office real estate," Coretz said, "so that tenants can make smart decisions."

Commercial Real Estate Group of Tucson assists corporate tenants and buyers in locating, negotiating and leasing or buying business space in the Tucson metropolitan area. Its websites, http://www.cretucson.com and http://www.tucson-tenant-representation.com, provide several reports on how to navigate the commercial real estate transaction. It is affiliated with ITRA Realty Group (itrarealtygroup.com) and its worldwide offices.

More information is available by phoning 520-299-3400 or emailing michael @ cretucson.com.

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