Second-quarter vacancies in the area industrial and office sectors each decreased by at least a full percentage point compared to the same quarter a year earlier, according to commercial real estate tracker Xceligent's Market Trends report.
The report analyzes industrial, office and retail movement in Springfield, Strafford, Rogersville, Ozark, Nixa, Republic and Willard.
IndustrialThe industrial vacancy rate dropped 1.2 percent to 4.4 percent for the quarter ended June 30, compared to 5.6 percent in second-quarter 2013.
The local rate also was well below the U.S. average of 9 percent, according to National Association of Realtors data provided with the Xceligent report.
Of the 31.6 million square feet in the local market, 1.4 million square feet was vacant during the quarter, and 2.2 million square feet was available, according to the report.
The market absorbed 238,058 square feet during the quarter, moving year-to-date absorption in the industrial sector to 208,247 square feet.
Among industrial activity during the quarter was Reckitt Benckiser occupying 206,851 square feet at the former Solo Cup plant, 1100 N. Glenstone Ave., owned by Warren Davis Properties.
International manufacturer Reckitt Benckiser, which operates a plant at the Partnership Industrial Center, needed additional space for its Springfield operations, according to
Springfield Business Journal archives.
Xceligent reports the largest amount of space vacated - 27,000 square feet of warehouse/distribution space - was by pet food supplier RFG Distributing at 1315 W. Chestnut Expressway.
OfficeThe area vacancy rate in the office sector decreased to 9.3 percent in the second quarter, a percentage point lower than a year ago, according to the report. The NAR reports a U.S. average of 15.8 percent vacancy during the quarter.
In the sector, 585,219 square feet was vacant of the total 6.3 million in the area. There was 697,209 square feet available.
The office sector absorbed 6,149 square feet of space during the quarter, bringing year-to-date net absorption to 24,358 square feet, the report said.
During the quarter, insurance brokerage firm Gresham & Associates and RSI LLC vacated 7,710 square feet at 909 E. Republic Road, Building E. The Springfield Yellow Pages vacated 4,498 square feet at 1111 S. Glenstone Ave., according to Xceligent.
RetailDuring the second quarter, the local retail market experienced a slight increase in vacancies. The sector's vacancy rate moved to 5.3 percent from 5.1 percent last year.
According to the NAR, the U.S. average last quarter was 10.2 percent.
Of the 16.8 million square feet of retail inventory in the market, 890,948 square feet was vacant during the quarter and 1.1 million square feet was available, according to the report.
The sector recorded negative absorption of 19,639 square feet, bringing negative net absorption in 2014 to 106,627 square feet.
During the quarter, the largest amount of space vacated, 14,997 square feet, was by The Kitchen Inc.'s Fresh Start loan fund at 434-450 E. Commercial St., according to the report.[[In-content Ad]]
