Buildings & Sites

Real Estate Market Studies

Total vacancy rate: 2.1%

Inventory: 39,766,499 square feet

Change in vacancy rate from 4Q 2020: -0.4%

Change in vacancy rate from 3Q 2020: -1.1%

Weighted Average Rents (NNN): $4.68 per square foot, a decrease from the previous quarter

The Springfield Industrial market had a positive net absorption of 157,321 square feet in the first quarter 2021.
That compares to positive 319,703 square feet in the fourth quarter 2020, negative 252,137 square feet in the third quarter 2020, and negative 81,126 square feet in the second quarter 2020.
Total vacancy rate decreased from 2.5% at the end of 4Q 2020 to 2.1% at the close of 1Q 2021.

BKD_Hammons

Direct vacancy rate for class A, B and C: 3.2%

Inventory: 13,888,617 square feet

Change in vacancy rate from 4Q 2020: -0.1%

Change in vacancy rate from 3Q 2020: -0.1%

Weighted Average Asking Rate (FSG): $13.75, a decrease from the previous quarter

The Springfield office market recorded a positive net absorption of 7,876 square feet during 1Q 2021.
That compares to positive 15,035 square feet in the fourth quarter 2020, positive 56,389 square feet in the third quarter 2020, and negative 58,270 square feet in the second quarter 2020.
There was 140,247 square feet of office space under construction at the end of the first quarter 2021.

38-3619383546-O

Total vacancy rate: 3.7%

Inventory: 31,465,542 square feet

Change in vacancy rate from 4Q 2020: -0.1%

Change in vacancy rate from 3Q 2019: -0.8%

Weighted Average Rents (NNN): $11.00 per square foot

Retail net absorption was positive in Springfield first quarter 2021, with a positive 43,712 square feet absorbed in the quarter.
In fourth quarter 2020, net absorption was positive 213,909 square feet, while in third quarter 2020, absorption came in at negative 52,778 square feet. In second quarter 2020, negative 167, 948 square feet was absorbed in the market.
During the first quarter 2021, one building totaling 2,000 square feet was completed in the Springfield retail market. Over the past four quarters, a total of 21,469 square feet of retail space has been built in Springfield.