Central Arkansas Office Space Vacancy Rate Slips

The vacancy rate for commercial office space in central Arkansas fell to 11.5 percent in fourth-quarter 2013, compared with 11.9 percent in third-quarter 2013 and 11.8 percent in the year-earlier quarter. The national average in the fourth quarter was 15.6 percent, according to the Central Arkansas Commercial Data Exchange.

“As a firm, CBC Hathaway Group continues to see a slow but steady rebound in activity across all property types,” said John Hathaway of the Coldwell Banker Commercial Hathaway Group. “In office sales and leasing, I am encouraged that my sense of a healthier marketplace is beginning to show up in the actual lower vacancy numbers and higher asking rates.”

“While we still have some distance to go before getting back to the activity levels of 2004 through 2007, we are definitely enjoying progress in the office sector, and we are fortunate that we have stayed well ahead of the national averages in terms of overall occupancy,” said Hathaway.