Real Estate Market Studies

Industrial Real Estate Outlook

RAW DJI_0017Market Overview

Total vacancy rate: 3.7%

Inventory: 37,454,104 square feet

Change in vacancy rate from 1Q 2020: +0.8

Change in vacancy rate from 4Q 2019: -0.1

Weighted Average Rents (NNN): $4.55 per square foot, a increase over the previous quarter

  • The Springfield Industrial market had a negative net absorption 81,826 square feet in the second quarter 2020.
  • That compares to positive 356,621 square feet in the first quarter 2020, negative 67,625 square feet in the fourth quarter 2019, and positive 323,317 square feet in the third quarter 2019.
  • Total vacancy rate increased from 2.9% at the end of 1Q 2020 to 3.7% at the close of 2Q 2020.

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: 3.5%

Inventory: 13,469,121 square feet

Change in vacancy rate from 1Q 2020: +0.4

Change in vacancy rate from 4Q 2019: +0.3

Weighted Average Asking Rate (FSG): $13.42, an increase over the previous quarter

  • The Springfield office market recorded a negative net absorption of 60,626 square feet during 2Q 2020.
  • That compares to positive 24,098 square feet in the first quarter 2020, positive 15,410 square feet in the fourth quarter 2019, and positive 1,427 square feet in the third quarter 2019.
  • There were 169,947 square feet of office space under construction at the end of the second quarter 2020.

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:4.1%

Inventory: 31,027,076 square feet

Change in vacancy rate from 1Q 2020: +0.7

Change in vacancy rate from 4Q 2019: +0.7

Weighted Average Rents (NNN): $10.65 per square foot

  • Retail net absorption was negative in Springfield second quarter 2020, with a negative 184,857 square feet absorbed in the quarter.
  • In first quarter 2020, net absorption was positive 10,107 square feet, while in forth quarter 2019, absorption came in at negative 17,381 square feet. In third quarter 2019, positive 94,321 square feet was absorbed in the market.
  • During the second quarter 2020, one building totaling 9,026 square feet was completed in the Springfield retail market. Over the past four quarters, a total of 165,859 square feet of retail space has been built in Springfield.

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