Printer Friendly

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.


"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

COPYRIGHT 2012 Journal Publishing, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Office Space
Author:Martin, John
Publication:Arkansas Business
Article Type:Brief article
Geographic Code:1U7AR
Date:Oct 29, 2012
Previous Article:River Market District sees work begin on $17M building.
Next Article:Jerry Pavlas named CEO of One Bank.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters