The vacancy rate for office space in central Arkansas declined in first-quarter 2016 to 7.2 percent, compared with fourth-quarter 2015, when it stood at 7.8 percent.
“The office market continues to be active and stable at the same time,” said Mark A. Bingman of Rector Phillips Morse Inc. “The current vacancy rate of 7.2 percent is only slightly improved from 7.8 percent last quarter. While the absorption rate reflects a negative 9,600 square feet last quarter, this quarter reflects a positive 70,831 square feet. Cantrell Drug leased over 40,000 square feet, reflecting the largest part of this absorption.”
“Class A and B types of office continue to be the most active this quarter, in downtown, North Little Rock, west Little Rock and east Little Rock (due to Cantrell Drug). The central Arkansas market tracks approximately 14.5 million square feet,” said Bingman.