March 27, 2023

Report: Little Rock metro workplace, retail emptiness charges enhance in This autumn

Business actual property agency Colliers Arkansas mentioned the retail sector of the state’s largest metro market ended the yr with the very best total enchancment in emptiness charges.

The corporate’s newest quarterly report confirmed that the retail market started the yr with a 13.2% emptiness price and ended on a excessive be aware in This autumn at 10.1%

The report additionally revealed that the economic sector noticed the largest leases and multifamily transactions proceed to prime the gross sales charts.

“All through 2022, the central Arkansas industrial actual property market loved a gentle decline in emptiness charges all through the workplace and industrial sectors,” Colliers mentioned within the report. “Against this, industrial flex house and the retail sector skilled a number of extra ups and downs.”

Colliers analysts mentioned the workplace market began the yr with a 14.1% emptiness price and ended it with a 13.2% emptiness price.

“A handful of huge gross sales in This autumn — together with First Safety Financial institution’s buy of the 286,654-square-foot FIS campus — contributed to the decline,” the report mentioned.

The commercial emptiness price rose simply 0.2% from Q3 however continued the general downward pattern from the start of the yr.

“With emptiness charges at report lows and few choices above 20,000 sq. toes obtainable available in the market, it comes as no shock that proposed under-construction and industrial developments are poised so as to add greater than 1.6 million sq. toes to the market,” Colliers analysts reported.

Colliers has Arkansas places of work in Little Rock and Rogers. For a extra detailed evaluation of every submarket in central Arkansas’ industrial actual property market, click on right here for a PDF.

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