Real Estate Market Studies

Industrial Real Estate Outlook

RAW DJI_0017Market Overview

Total vacancy rate: 4.8%

Inventory: 33,264,464 square feet

Change in vacancy rate from 2Q 2017: -0.9

Change in vacancy rate from 3Q 2016: 0.1

Weighted Average Rents (NNN): $4.25 per square foot

  • The Southwest Missouri Industrial market recorded a positive 421,279 square feet of overall absorption during 3Q 2017.
  • The positive absorption in the Southwest Missouri market can be attributed to the delivery of three new buildings, totaling over 248,000 square feet. New deliveries included, Mercy’s Surgical Pack Facility-ROI (100,000), Vital Farms Processing Plant (82,140) and JRI Industries (66,000).
  • Total vacancy rate increased from 3.8% in 3Q 2016 to 4.8% at the close of 3Q 2017.
  • Over 540,000 square feet was sold during 3Q 2017. The largest transaction was between SRC Holdings and Davis Properties. SRC executed their purchase option on the 411,444 square foot building they have leased since 2007.

For a full report on the health of the industrial real estate market in this area, download the complete Industrial Report here.

Office Real Estate Outlook

BKD_Hammons

Market Overview

Direct vacancy rate for class A, B and C: 6.5%

Inventory: 6,511,716 square feet

Change in vacancy rate from 2Q 2017: -0.2

Change in vacancy rate from 3Q 2016: -2.2

Weighted Average Asking Rate (FSG): $15.40

  • The Southwest Missouri office market recorded its second consecutive quarter of positive activity with 16,757 square feet of overall absorption during 3Q 2017.
  • Class C experienced the largest decrease in vacancy from 12.8% to 3.9% year-over year.
  • Currently, there is 269,000 square feet under construction office space. The O’Reilly’s addition of 103,000 square feet is the largest building followed by the Veterans Affairs Clinic with 92,000 square feet.

For a full report on the health of the office real estate market in this area, download the complete Office Report here.

Retail

38-3619383546-O

Market Overview

Total vacancy rate: 5.9%

Inventory: 16,806,730 square feet

Change in vacancy rate from 2Q 2017: 0.4

Change in vacancy rate from 3Q 2016: 1.0

Weighted Average Rents (NNN): $11.62 per square foot

  • The Southwest Missouri retail market recorded a positive 50,447 square feet of overall absorption during 3Q 2017.
  • The retail market bounced back in 3Q 2017 with positive absorption attributed to the delivery of four new buildings, totaling 167,900 sf. New deliveries included, Springfield Plaza Shopping Center (90,000 sf), Farmers Park Building 5 (58,000 sf), Mouery’s Flooring (14,000 sf) and Plaza Tire Service (5,900 sf).
  • Currently, 443,656 square feet is under construction in the retail pipeline with the largest being Glenstone Marketplace (100,000 sf)

For a full report on the health of the retail real estate market in this area, download the complete Retail Report here.