The vacancy rate for retail space in Pulaski County fell slightly in the second quarter of 2015, to 6.3 percent compared with 6.4 percent in first-quarter 2015, according to the Central Arkansas Commercial Data Exchange. However, it remains almost a full percentage point higher than the year-earlier quarter, when it was 5.4 percent.
“The second-quarter Retail Market Trends report notes net absorption of 15,036 SF,” said Jeff Yates of ARK Commercial & Investment Real Estate of Little Rock. “The biggest hurdle to greater positive absorption is the lack of available inventory.”
The report covers only Pulaski County and absorption would be greater if expanded to Saline and Faulkner counties, he said.
“In Pulaski County, responses to the dearth of new inventory include the reuse of locations and increasing density on existing sites. Examples of both are prevalent. By looking into the report data, we find that the move of retailers from one site to another is responsible for some of the activity. As merchants relocate, the vacancies they create will be filled. And the third quarter is off to a good start with nearly 90,000 SF of the vacant retail space having been purchased.”
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