Xceligent: Reckitt Benckiser marks largest commercial movement

Reckitt Benckiser Inc.’s Springfield exit of more than 448,000 square feet in two buildings marked the largest second-quarter commercial real estate movement in Xceligent’s most recent Market Trends report.

The subsidiary of British firm Reckitt Benckiser Group (LON: RB) filed notice in January it would lay off 140 in the Queen City as it moves the bulk of its local logistics operations to St. Peters. The company kept open its 300-employee French’s plant in Springfield while leaving behind nearby space in Partnership Industrial Center and more at Warren Davis Properties’ Solo Cup building. 

According to Xceligent, Reckitt Benckiser vacated 184,731 square feet at the 1100 N. Glenstone Ave. building owned by Davis Properties and another 264,000 square feet of sublet space.

The health, hygiene and home manufacturer’s move was the largest contributor to 557,623 in negative second-quarter absorption in the Springfield-area industrial market tracked by Xceligent.

The industrial sector’s vacancy rate jumped to 5.4 percent from 4.2 percent in second-quarter 2016.

Reckitt Benckiser’s exit was partially offset by Everything Kitchens LLC’s March move into 50,000 square feet at the Brookline Business Park and HH Investments & Leasing LLC’s purchase of 36,213 square feet in northeast Springfield at 1730 E. Atlantic St. The LLC registered by Larry Hymer shares the same street address in Joplin as Midwest Materials Co., according to Missouri secretary of state filings.