While the Springfield-area retail vacancy rate inched up in the third quarter, it sat well below the national average, according to commercial real estate tracker Xceligent's quarterly Market Trends report.
The local retail industry vacancy rate increased to 5.2 percent from 5 percent in third-quarter 2013. In the past year, the rate has dipped as low as 4.7 percent, during fourth-quarter 2013, and as high as 5.3 percent, in the second quarter this year.
However, the local rate was 4.6 percentage points lower than the 9.8 percent national average vacancy rate for retail, as reported by the National Association of Realtors.
Within the local retail market, 863,292 square feet of 16.7 million in total inventory was vacant during the third quarter, while 1.1 million square feet was available, according to the report.
While the sector recorded quarterly net absorption of 24,856 square feet, year-to-date negative absorption sits at 81,221. Xceligent defines absorption as the change in physically occupied space from quarter to quarter, expressed in square feet.
Among the activity in the retail market was All About Dogs and Cats, which filled 10,685 square feet in the Country Club Center. The largest space vacated was 5,370 square feet, when Team Fusion Jiu-Jitsu and MMA moved out of the Plaza Shopping Center, according to Xceligent.
Both the industrial and office sectors decreased in terms of vacancies, according to Xceligent's report analyzing movement in Springfield, Strafford, Rogersville, Ozark, Nixa, Republic and Willard.
While area office properties represent the highest vacancy rate among the three sectors, it decreased the most compared to last year.
The vacancy rate dropped to 9.4 percent from 9.9 percent in third-quarter 2013, Xceligent reports.
Of the 6.3 million square feet of inventory in the market, 591,946 square feet was vacant in the third quarter and 732,215 was available.
The office sector experienced negative absorption of 4,651 square feet, but the first three quarters of the year still have positive absorption of 20,157 square feet.
During the quarter, Cameron Mutual Insurance Co. occupied 4,028 square feet at 3432 S. Culpepper Court. Among the vacancies, Preferred Hospice left 4,650 square feet of space in Ozark, according to the report.
Industrial space held the lowest vacancy rate among the three sectors during the third quarter.
The sector's vacancy rate decreased to 4.4 percent for the three months ended Sept. 30, down from 4.8 percent in third-quarter 2013.
Of the 31.7 million-square-foot inventory in the area, 1.4 million was vacant in the third quarter and 2.1 million was available, according to Xceligent.
The industrial sector absorbed 80,067 square feet during the quarter, bringing year-to-date absorption to 226,664 square feet.
Within the industry, Reckitt Benckiser expanded its square footage at the former Solo Cup plant, 1100 N. Glenstone Ave., by 50,000 square feet. The largest space vacated was 56,892 square feet at 3039 E. Pythian St. by Thomas & Associates Wholesale Lumber & Millwork Inc., according to the report.[[In-content Ad]]
Plaza Shopping Center gained an arcade with the March 1 opening of The Flying Lap LLC; the repurposing of space operated by Burrell Behavioral Health resulted in the March 18 opening of the company’s second autism center; and a group of downtown business owners teamed up to reopen J.O.B. Public House.
