Retail Space Vacancy Rate Falls

by Arkansas Business Staff  on Monday, Aug. 12, 2013 12:00 am  

(Photo by Central Arkansas Commercial Data Exchange)

The vacancy rate for retail properties in central Arkansas fell slightly in the second quarter of this year compared with the year-ago period, to 7.5 percent from 7.8 percent. But the second-quarter 2013 rate inched a bit higher when compared with first-quarter 2013, when it stood at 7.3 percent.

“Central Arkansas is still trending well below the national vacancy rate of 10.5 percent,” said Brooke Miller of Flake & Kelley Commercial. “This past quarter, the most significant change locally was represented by the sale of the former Harvest Foods (about 41,000 SF) on East Kiehl in Sherwood.”

(Also see: Sherwood Retail Project Recycled in $1.2M Sale)

“Retailers really begin focusing on sales and bringing in their year-end goals in third and fourth quarters. Good reports there may mean same-store expansions with relocation and the introduction of more new stores in our market,” said Miller.

Largest Changes in Occupancy

Property NameSF Occupied or VacatedCompany NameMarketType
4101 E. Kiehl Ave. 41,000 Tisdale Properties & Development (converting to self-storage units) Sherwood Neighborhood Ctr
Pleasant Ridge Town Center 7,411 Multiple Tenants West Regional Ctr
Markham Square Shopping Center 6,262 Multiple Tenants West Community Ctr
Pinnacle Station -7,611 Siagon Cuisine; Indulgences West Conv/Strip Ctr
Lakewood Village Shopping Center -18,190 Multiple Tenants North Little Rock Community Ctr

 

 

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