The vacancy rate for retail commercial property in central Arkansas moved up slightly in fourth-quarter 2014, according to the Central Arkansas Commercial Data Exchange. It rose to 5.9 percent compared with 5.6 percent in third-quarter 2014 and 5.5 percent in fourth-quarter 2013. “Retail properties in central Arkansas continue to show strong performance,” said Jeff Yates of ARK Commercial & Investment Real Estate of Little Rock. “Over the past several quarters, retail property vacancy has hovered in the 5 percent range and rental rates have increased modestly.”
“Available space has been very limited and landlords are mostly in positions to be choosy on tenants and firm on rents,” said Yates. “With such low vacancy, it is often difficult to find the right-sized suite in the right location for the retailer or restaurant seeking a site. Much of the leasing activity occurring is in build-to-suit or buildings that are significantly preleased. With strong occupancy and continuing demand, new construction will continue.”
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