Central Arkansas Office Market Remains Flat

The fourth-quarter office market in central Arkansas has remained relatively flat with a vacancy rate during the last five quarters of 12 percent.

“Rental rates have remained stable, with small increases of about 1 percent in the Downtown and Midtown sub-markets during the fourth quarter,” said John Martin of Moses Tucker of Little Rock. “Looking at the overall market, we experienced negative absorption for the year of 8,205 SF. The biggest loss was in the Midtown sub-market with the transitions made by Southwest Power Pool to its own building in west Little Rock and Verizon adding Building 5 to the market. The Downtown submarket had the largest net absorption, more than 147,000 SF. The West Little Rock submarket continues to have the lowest vacancy rate at 7.8 percent.”