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Central Arkansas Industrial Vacancy Rate Drops

1 min read

The vacancy rate for industrial real estate in central Arkansas fell to 10.7 percent in first-quarter 2014, compared with 11.2 percent in the previous quarter and 12.6 percent in first-quarter 2013. The local rate, however, remains above the national average of 9 percent. Locally, almost 187,000 SF was absorbed in the first quarter of the year.

“The central Arkansas real estate market has seen little new development of manufacturing or warehouse buildings over the past few years,” said Rick Freeling of Rector Phillips Morse. “Because of this trend, the existing inventory of industrial buildings continues to supply the market for new and expanding industries.”

“The per-square-foot rates of existing properties for rent or sale continue to be well below those of new construction. This trend should hold steady until the inventory of industrial properties is utilized or substantial growth in the central Arkansas economy occurs,” said Freeling.

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