The vacancy rate for commercial retail space in central Arkansas stood at 5.3 percent in second-quarter 2014, compared with the first-quarter rate of 5.2 percent and the year-earlier rate of 6 percent.
The vacancy rate is almost half that of the nation, which was 10.2 percent in the second quarter, according to the National Association of Realtors.
“Despite a relatively quiet quarter in terms of large absorption gains, the retail vacancy continues to hold at levels well below the national average,” said Isaac Smith, principal and executive vice president of Colliers International.
“Restaurants are leading the charge in keeping the area’s vacancy rate low, both by backfilling former dining spots (Gus’ in the former Bowman Buffalo Grill location) and new construction, such as Chuy’s in North Little Rock,” said Smith. “Speculative development is gaining momentum as well; recent projects leasing very quickly include the Verizon/Mattress Firm development on Cantrell, Starbucks/Tide Cleaners center on Chenal and the new Shoppes at Colonel Glenn adjacent to Landers Toyota.”
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