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Industrial vacancies land lower than office, retail rates

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While the Springfield-area vacancy rates decreased in all three sectors measured locally in the Xceligent commercial real estate report, the industrial industry recorded the lowest rate during the third quarter.

The Market Trends report, released yesterday and certified by local board members, covers Springfield, Strafford, Rogersville, Ozark, Nixa, Republic and Willard.

Industrial
The industrial vacancy rate dropped to 4.7 percent in the third quarter after registering at 6.9 percent in the same period of 2012. The national average vacancy rate, according to the National Association of Realtors, was 9.3 percent for the three months ended Sept. 30.

Of the 31.5 million square feet of inventory in the local market, 1.5 million square feet was vacant and 2.2 million square feet was available, according to the report.

The third-quarter net absorption rate totaled 261,602 square feet, moving year-to-date industrial absorption to 593,879 square feet. While there was 101,000 square feet absorbed during the quarter, manufacturing properties continued to reflect a vacancy rate above 10 percent, with a 10.6 percent rate in the quarter.

Among major movers in the industrial sector was Buckhorn Inc., which occupied 101,710 square feet at 1100 N. Glenstone Ave., according to Xceligent.

Office
After surveying the area's 6.3 million square feet of office inventory, the sector's vacancy rate was reported at 10 percent, down from 10.7 percent in third-quarter 2012.

Last quarter's office vacancy rate also was well below the 15.7 percent national average, according to the release.

In the Springfield-area market, 629,718 square feet was reported vacant during the third quarter, while 735,009 square feet was listed as available.

Quarterly net absorption was recorded at 31,215 square feet, pushing the year-to-date total to 38,090 square feet, according to Xceligent.

Retail
The third-quarter vacancy rate in the retail sector decreased to 4.8 percent from 5.2 percent a year ago. The national average registered at 10.6 percent.

In the retail sector, which comprises 16.8 million square feet of area inventory, 814,785 square feet was vacant during the quarter and 1 million square feet was available, the report said.

Third-quarter net absorption was recorded at 30,803 square feet, improving the year-to-date figure to 70,659 square feet.

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