The Tucson commercial real estate market has experienced various impacts since the onset of the COVID-19 pandemic. The local economy has seen job growth and increased household incomes, while inflation remains high. The office market has faced challenges, with vacancy rates rising and businesses considering smaller spaces. The industrial market has experienced low vacancy rates and demand driven by logistics, distribution, manufacturing, and the cannabis industry. The retail market has seen steady vacancy rates and continued growth in restaurant activity. Lastly, the multi-family housing market has experienced a slowdown in rental growth and cautious underwriting by buyers.