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Market Report

Tucson Multifamily Market Report

3Q 2022

Local Public Service Roster Expands;
City Policy Encourages 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. The outlook here is positive across all segments of apartments, as the college also provides consistent demand for nearby rentals.

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