The vacancy rate for commercial office space in central Arkansas continued its downward slide in the second quarter of this year, according to the Central Arkansas Commercial Data Exchange.
“In an office market of just over 14 million SF, the largest blocks of available space remain in the Downtown and West Little Rock sections,” said Mark Bingman of Rector Phillips Morse Inc. of Little Rock. “Overall, the vacancy rate decreased over the last twelve months from 11.6 percent to 10.8 percent while remaining under the national average of 15.8 percent. Asking lease rates remain relatively the same over the last 12 months.”
“With the recent attention to the Little Rock Technology Park planned for downtown, it will be interesting to watch the activity and corporate interests for this particular section in the upcoming years,” said Bingman.