Retail Vacancy Rate Shrinks in Central Arkansas

The vacancy rate for retail properties in central Arkansas fell to 6.4 percent in third-quarter 2013, compared with 7.3 percent in second-quarter 2013 and 7.5 percent in the year-earlier quarter. That compares with a national average of 10.6 percent, noted Mark Bingman, vice president and executive broker with Rector Phillips Morse Inc. of Little Rock.

“Another positive is that asking rental rates remain approximately the same,” he said. “With no new development planned in the Little Rock/North Little Rock markets, large box (10,000 SF-plus) space continues to be limited.”

Even the areas outside of Pulaski County are keeping Bingman optimistic. “Surrounding market areas (Benton, Bryant, Cabot and Conway) have new developments in the planning stages. With the recent activity of convenience stores, drugstores, grocery and restaurants, the future continues to look positive.”