Posted 8/26/2013 12:00 am
The vacancy rate for office properties in central Arkansas edged up to 12.1 percent in second-quarter 2013 compared with the year-earlier period, when it stood at 12 percent.
The report from the Central Arkansas Commercial Data Exchange “shows a very consistent plateau pattern in the central Arkansas office leasing front, with vacancy rates holding steady around the 12 percent mark since this time last year,” said Greg Joslin of Irwin Partners.
“Tenants continue to take advantage of market conditions with upgrades to higher-class office space while market conditions are favorable," said Joslin. "We’re seeing tenants locking in competitive rates for longer terms compared with last year. Second-quarter leasing activity remains healthy in the central Arkansas market, with the midtown and downtown submarkets posting almost 60,000 SF in positive absorption numbers.”