Retail, office vacancies improve in 3Q

Retail vacancy rates showed the most improvement in the third quarter, according to Xceligent Inc.'s latest Market Trends report released Oct. 21.

During the quarter, the retail vacancy rate was 5.1 percent, compared to 5.8 percent in the same quarter last year. Retail vacancies started the year off at 5.7 percent in the first quarter.

The third-quarter office vacancy rate also improved to 10.6 percent, down three-tenths of a point from the same period in 2010.

Industry vacancy rates were significantly higher in the quarter largely due to the March 3 closing of the 945,165-square-foot Solo Cup plant in Springfield. Industrial vacancies were 7.2 percent in the third quarter, compared to 4.5 percent in the same quarter last year.

The Xceligent report covers retail, industrial and office vacancies in Springfield, Willard, Strafford, Rogersville, Ozark, Nixa and Republic.

Rates in each of the three sectors were down in the third quarter compared to previous quarters this year, according the report.

The highest third-quarter vacancy rate was reported in Rogersville, 18.6 percent in the industrial sector. The lowest vacancy rate was 2.2 percent in Ozark in retail, according to the release.

In the sample area, there was more than 2.2 million square feet of vacant space in the industrial sector, 667,073 square feet in the office sector and 842,538 square feet in the retail sector.[[In-content Ad]]