Xceligent: MSU takes space at Glen Isle Center

Missouri State University’s lease of a chunk of the Glen Isle Center made the school one of the largest movers during the second quarter, according to Xceligent’s most recent Market Trends report released last week.

The university occupied 35,080 square feet at 1444-1540 S. Glenstone Ave. in May, said Patrick Harrington of Warren Davis Properties, which owns 74,000 square feet of the center. Morrow Real Estate LLC owns 18,750 square feet that formerly housed Hancock Fabrics, and G&M Investments Ltd. owns a portion on the south side of the development.

In November, the MSU Board of Governors approved the lease of the space for its departments of music, education and psychology as renovations take place at on-campus academic buildings Ellis and Hill halls.

Shortly after the vote, the university signed a 29-month lease at $13.35 per square foot, or $39,027 per month, according to the board’s Nov. 18 minutes.

Xceligent’s latest Market Trends report tracks vacancy rates across Springfield, Strafford, Rogersville, Ozark, Nixa, Republic and Willard.

MSU’s lease contributed to a second-quarter retail vacancy rate of 4.8 percent, down from 5.1 percent a year earlier. During the quarter, the industrial vacancy rate dropped to 4.3 percent from 4.7 percent, and office decreased to 8.4 percent from 9.3 percent, according to the report.