The first construction project at the CrossMar Park in Bentonville should be complete in August.
The vacancy rate for industrial space in Benton and Washington counties declined to 5.2 percent in the first quarter of 2014. That figure compares to the national average of 9 percent.
A survey of 563 industrial properties with 27.5 million SF of space stood at 6 percent a year ago, according to data collected by Xceligent Inc. of Independence, Mo.
“If you take the older buildings out, the market is really tight,” said Bill McClard, senior vice president in the Rogers office of Lindsey & Associates.
Slim pickings among the industrial inventory in the northwest Arkansas market has given rise to new projects, especially in Bentonville.
McClard is working with Crossland Construction Co. of Columbus, Kan., to develop a 240,000-SF flex space project near the northwest corner of J and 28th streets in Bentonville.
The first phase of Jayhawk Industrial Park features 141,000 SF of shell space with 24-foot ceilings that weighs in at an estimated $5.6 million. Another 99,000 SF is on the drawing boards for phase two of the 18.5-acre development.
An 83,000-SF tenant, unnamed for now, helped launch the project. The first batch of space is expected to come on line by November. A 20,000-SF building also is planned.
Construction of the first industrial building at the master-planned, 180-acre CrossMar Park in Bentonville should be completed in August.
The 150,000-SF speculative building is the first of two planned at the southwest corner of Rainbow Farms Road and Regional Airport Boulevard.
“Availability of quality vacant space is getting to the point where it makes sense to develop new property,” said Ed Belto, senior associate and director of Newmark Grubb Arkansas in Bentonville.
“They seem to be ahead of the game. We’ll see if that becomes the park.”
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