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The battle for real estate supremacy.

The Battle For Real Estate Supremacy

Flake Tabor Tucker Wells & Kelley Inc. of Little Rock manages the most property in central Arkansas, according to preliminary figures from the annual Arkansas Business Lease Guide.

For several years, the crown belonged to Barnes Quinn Flake & Anderson Inc. of Little Rock. That firm places second this year with 1.47 million SF, compared with Flake Tabor's 1.92 million SF.

Last year, the survey, which did not include warehouse space, had Flake Tabor second with 1.37 million SF and Barnes Quinn first with 1.39 million SF.

This week's Arkansas Business chart takes into account warehouse and office space.

If warehouse space is deducted, the two companies are much closer. Flake Tabor manages almost 400,000 SF of warehouse space.

Counting only office space, Flake Tabor has 1.5 million SF, compared with Barnes Quinn's 1.4 million SF.

The two firms had almost identical occupancy rates - 77 percent for Flake Tabor and 78 percent for Barnes Quinn.

Barnes Quinn's occupancy rate was depressed by several vacant buildings. Empty spaces such as Union Life Buildings I, II and III in downtown Little Rock accounted for 8 percent of the firm's total space.

Barnes Quinn's average, however, was bolstered by a 100 percent occupancy rate in five buildings. The 20,743-SF Park West Office Building is full, in part because west Little Rock is the destination of choice for businesses fleeing downtown.

But Barnes Quinn also had total occupancy in four downtown buildings - the 48,8578-SF Donaghey Plaza North; the 60,000-SF Donaghey Plaza West; the 47,000-SF ESD Building and the 18,593-SF Hall Building Annex.

Go West, Young Man

In west Little Rock, the Koger Office Park, with 330,700 SF, enjoyed some of the highest occupancy rates despite being the most expensive.

Space at Koger averaged $14.75 per SF (the highest in the survey), ranging from $12.50 to $16.75 per SF.

Five of the six buildings at Koger are full. Only the 70,700-SF Searcy Building, with 55 percent occupancy, has available space.

Koger Properties Inc. recently agreed to turn ownership of the office park over to Centoff Realty Co., a real estate subsidiary of J.P. Morgan Investment Management Inc. of New York. It is not known how the ownership change will affect rates.

Retail Recession

Most shopping centers in central Arkansas reported empty spaces.

The Riverdale Shopping Center on Cantrell Road in Little Rock is only about half occupied. A vacant Kmart is part of the complex.

Lower occupancy rates also were recorded in shopping centers in North Little Rock, including The Other Center and the financially troubled Lakewood Village.

The Colony West Shopping Center in west Little Rock and the Colony South Shopping Center in southwest Little Rock were two other retail complexes that reported lower occupancy rates.

PHOTO : ROOM AT THE OFFICE: Almost 3,000 SF of the 20,000 SF of rentable space in the Corporate One office building in west Little Rock is for lease. The leasing agent Flake Tabor Tucker Wells & Kelley, says occupancy has improved from 80 percent last year to 87 percent this year.
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Flake Tabor Tucker Wells & Kelley Inc. and Barnes Quinn Flake & Anderson Inc. compete for top place in real estate property management
Author:Gibson, Carolyn
Publication:Arkansas Business
Date:Aug 26, 1991
Words:526
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