1 week Ago By Justin Trobaugh
FAYETTEVILLE, Ark. (KNWA/KFTA) — Commercial vacancy rates dropped by 5.8% in the second half of 2024 from 6.
5% in the first half of the year, according to Arvest Bank's Skyline Report.The report says 491,242 square feet of commercial space was added in the last half of 2024.The office vacancy rate decreased to 6.
3% in the second half of 2024 from 7.5% in the first half. The report says there was solid leasing activity in the Class A and Medical office submarkets.
Skyline Reports: NWA home sales up 14.2% year-over-yearThe retail submarket saw vacancy rates decrease to 4.9% from 6.
2% as 3,840 square feet of space entered the market. The Class A and Class B retail submarkets saw strong leasing activity.20242H_CommercialHighlightsDownloadThe office/retail vacancy rate decreased from 6.
4% to 6.1%, with 62,450 square feet of new office/retail space entering the market. The report said there was solid leasing in the Class A submarket.
The warehouse vacancy rate fell from 8% to 7.6%, while 367,352 square feet of space entered the market.57,000 square feet of new office/warehouse space, but no new retail/warehouse space was added as respondents continued to report increasing demand for new flex warehouse space.
The report says $195.7 million in commercial building permits were issued in the second half of 2024, and $5.3 million were for Walmart.
There were $406.9 million in commercial building permits issued in the first half of 2024..
