• Vacancy dropped slightly during Q3 2019, falling 31 bps year-over-year to 7.6%.

• Posting stronger growth than expected in Q3 2019, Tucson’s retail market found a modest foothold of positive absorption, despite several store closures.

• Net absorption totaled 38, 934 sq. ft. in the third quarter of 2019, which is an improvement to compared to the (103,294) sq. ft. of negative net absorption last quarter.

• Tucson’s average asking lease rate ticked up 8.5% over the last 12 months, ending the quarter at $17.49 NNN per sq. ft