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Vacancy rate drops.

Drops During third-quarter 2012, the office market in the Little Rock metro area saw positive absorption of 103,113 SF. This resulted in a decline in the vacancy rate to 11.9 percent, compared with 12.6 percent in second-quarter 2012 and 12.7 percent in third-quarter 2011.

The drop in the vacancy rate "was largely due to several announced projects on Main Street that involved over 300,000 SF of space for redevelopment as well as a couple of large leases completed in the Riverdale area," said John Martin of Moses Tucker Real Estate.

"Office rental rates for the Little Rock metropolitan area increased by about 1 percent to $15.68 per square foot gross. The west Little Rock office submarket maintains the lowest vacancy rate at 7.7 percent and the highest rental rate at $17.48 per square foot gross."

Vacancy Rate by Quarter

Vacancy Rate (%)

2011 Q3            12.7%
2011 Q4            12.6%
2012 Q1            14.2%
2012 Q2            12.6%
2012 Q3            11.9%

Note: Table made from bar graph.

Vacancy Rate by Quarter

Net Absorption (SF)

2011Q3                  -2.132
2011Q4                  19.625
2012Q1                -221.802
2012Q2                 195.909
2012Q3                 103.113

Note: Table made from bar graph.

THEY SAID IT

"The downtown office submarket experienced the most absorption as a result of transactions involving the Mann Building, Boyle Building, M.M. Cohn and the Arkansas Building on Main Street, which is preparing for a resurgence in redevelopment on Main Street from Third to Sixth streets."

Source: Central Arkansas Commercial Data Exchange

--John Martin, Moses Tucker Real Estate

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Article Details
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Title Annotation:Office Space
Author:Martin, John
Publication:Arkansas Business
Article Type:Brief article
Geographic Code:1U7AR
Date:Oct 29, 2012
Words:263
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