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Real estate vacancies rise in 4Q

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Area real estate vacancy rates continue to climb, with fourth-quarter gains in all three categories examined in the Xceligent Inc. Market Trends report posted earlier this month.

The office vacancy rate climbed to 9.5 percent in fourth-quarter 2010, up from 8.9 percent in third-quarter 2010 and 8.2 percent in second-quarter 2010.

Springfield’s commercial business district had the highest office vacancy rate at 11.9 percent, followed by southeast Springfield at 11.2 percent; southwest Springfield at 5.6 percent; northeast Springfield at 2.8 percent; and northwest Springfield at 2.1 percent.

Office buildings less than 5,000 square feet accounted for 53 percent of the 5.95 million square feet of available space.

In the outlying areas, Nixa had an office vacancy rate of 36 percent, followed by Ozark at 14.8 percent, and Republic, Rogersville and Strafford at 0 percent.

The industrial building vacancy rate increased to 4.7 percent in fourth-quarter 2010, up from 4.3 percent in third-quarter 2010 and 4 percent in second-quarter 2010.

At 6.5 percent, Springfield’s commercial business district led with the highest industrial vacancy rate, followed by southwest Springfield at 4.8 percent; northwest and northeast Springfield at 2.6 percent; and southeast Springfield at 1.6 percent.

Industrial buildings between 10,000 and 24,999 square feet accounted for 34 percent of the 2.59 million square feet of available space.

In the outlying areas, Rogersville had an industrial vacancy rate of 39.7 percent, followed by Republic at 23.8 percent; Ozark at 17 percent; Nixa at 12.3 percent; Strafford at 6 percent; and Willard at 4.9 percent.

The retail building vacancy rate increased to 5.9 percent in fourth-quarter 2010, up from 5.7 percent in third-quarter 2010 and 5.6 percent in second-quarter 2010.

At 9.7 percent, Springfield’s commercial business district led with the highest retail vacancy rate, followed by northwest Springfield at 8.4 percent; southwest Springfield at 7.7 percent; northeast Springfield at 5.3 percent and southeast Springfield at 2.9 percent.

Convenience and strip centers accounted for 47 percent of the 1.18 million square feet of available space.

In the outlying areas, Rogersville had a retail vacancy rate of 11.2 percent, followed by Nixa at 10.4 percent; Willard at 8.4 percent; Strafford at 7.7 percent; Ozark at 6.7 percent and Republic at 4.5 percent.

For more coverage of real-estate vacancy trends, see the Jan. 31 Springfield Business Journal.

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