Central Arkansas Retail Vacancy Rate Drops

The vacancy rate for commercial space in central Arkansas fell to 5.3 percent in fourth-quarter 2013 compared with 5.6 percent in the third quarter and 6 percent in the year-earlier quarter. It remains far below the national rate of 10.4 percent.

“The retail market in central Arkansas remains very tight with very limited availabilities for large box users,” said Mark A. Bingman of Rector Phillips Morse Inc. of Little Rock. “Absorption during the fourth quarter was nearly 64,000-SF.

“The newly announced outlet mall at the Gateway Town Center will be a great addition to central Arkansas. This destination retail venue along with Bass Pro Shops will certainly draw business from a large radius. CVS and other national retailers continue to be active in this market,” said Bingman.