Posted 5/20/2013 12:00 am
The vacancy rate for industrial real estate in the central Arkansas market moved up in the first quarter of 2013 compared with fourth-quarter 2012, to 11.8 percent from 11.3 percent. The first-quarter 2013 rate, however, remains below the 12.4 percent reported in first-quarter 2012.
“While the vacancy rate increased, the market feels flat,” said Stuart Mackey with Coldwell Banker Commercial Hathaway Group of Little Rock. “A majority of the vacancy in the last quarter is due to movements by only two businesses. Only three of the 10 submarkets had more than 300 SF of vacancy added this quarter; one submarket had positive absorption. Activity is up and buildings are being shown.
“In considering new locations, users want to make the right decision about their move, and functional obsolescence is becoming harder to work around. Users are interested in properties that better fit their needs and with modern design that complements the users’ business requirements.”