Xceligent: Industrial action leads Q1 real estate market

A string of industrial moves in northeast Springfield had the largest impact on the area’s first-quarter commercial real estate market, according to Xceligent’s most recent Market Trends report.

The industrial market vacancy rate in the area dropped to 3.4 percent from 3.6 percent in first-quarter 2016. Xceligent’s reports cover Springfield and surrounding towns, painting a picture of real estate transactions and exits.

The largest mover in the industrial sector was Springfield Sign & Graphics Inc. The company that does business as Springfield Sign in the first quarter completed its move to over 145,000 square feet in Partnership Industrial Center at the former home of Polar Tank Trailer LLC. The Xceligent report also pointed to Springfield Sign vacating nearly 15,000 square feet at its former headquarters, 2531 N. Patterson Ave.

Rounding out the northeast Springfield changes were:
    •    NewStream Enterprises, which occupied nearly 121,000 square feet at the Solo Cup building, 1100 N. Glenstone Ave.;
    •    Kraft Heinz Co., which leased 96,000 square feet at Springfield Underground;
    •    McLane Co Inc., which leased 81,000 square feet at the North Creek Business Park; and
    •    Hogan Truck Leasing Inc., which opened a $2.8 million, 13,600-square-foot commercial truck repair and office building at 4475 E. Mustard Way.

In retail, the largest exit occurred when Staples vacated nearly 24,000 square feet at 2636 N. Kansas Expressway. The retail industry’s vacancy rate was flat at 5.2 percent, according to Xceligent.

The office vacancy rate ticked up to 8.3 percent in the first quarter from 8.2 percent in the same period a year earlier. Within the sector, Passages, a traveling museum exhibit, vacated 7,000 square feet at Sunrise Technology Center.

[[In-content Ad]]