The total vacancy rate for the Little Rock office market rose to 7.8 percent in first-quarter 2017 compared with 7.4 percent in the year-earlier quarter, according to Xceligent Inc. of Independence, Missouri, a provider of information and reports on area real estate.
“Strong employment numbers combined with bullish economic outlooks by both existing and new potential tenants have leasing activity at healthy levels throughout central Arkansas,” said Greg M. Joslin of Irwin Partners. “Office overall vacancy rates for Q2 are expected to remain at 7.8 percent.”
“Notable activity with delivery of 127,000 SF of new construction to the market and the recent sale of the Acxiom Building downtown to Simmons Bank will have a significant impact on the downtown office submarket," said Joslin. "The recent $45.8 million sale of the WestLake Corporate Park in the west Little Rock submarket exemplifies the strength and attractiveness of our market to outside investors.”