Real Estate Market Studies

Industrial Real Estate Outlook

RAW DJI_0017Market Overview

Total vacancy rate: 4.4%

Inventory: 27,817,786 square feet

Change in vacancy rate from 2Q 2018: -0.3

Change in vacancy rate from 1Q 2018: -0.5

Weighted Average Rents (NNN): $4.43 per square foot

  • The Springfield Industrial market was positive 188,480 square feet in the third quarter 2018.
  • That compares to positive 49,303 square feet in the second quarter 2018, positive 256,047 square feet in the first quarter 2018, and positive 273,108 square feet in the fourth quarter 2017.
  • Total vacancy rate decreased from 4.7% at the end of 2Q 2018 to 4.4% at the close of 3Q 2018.

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: 4.6%

Inventory: 10,011,675 square feet

Change in vacancy rate from 2Q 2018: -0.1

Change in vacancy rate from 1Q 2018: -0.5

Weighted Average Asking Rate (FSG): $12.54

  • The Springfield office market recorded its third consecutive quarter of positive activity with 22,231 square feet of overall absorption during 3Q 2018.
  • This compares to positive 34,122 square feet in the second quarter 2018, negative (1,038) square feet in the first quarter 2018, and positive 131,635 square feet in the fourth quarter 2017.
  • There were 8,000 square feet of office space under construction at the end of the third quarter 2018.

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: 3.9%

Inventory: 28,691,862 square feet

Change in vacancy rate from 2Q 2018: 0.3

Change in vacancy rate from 1Q 2018: 0.3

Weighted Average Rents (NNN): $11.34 per square foot

  • Retail net absorption was moderately negative in Springfield third quarter 2018, with negative (59,009) square feet absorbed in the quarter.
  • In second quarter 2018, net absorption was negative (5,651) square feet, while in first quarter 2018, absorption came in at positive 164,432 square feet. In fourth quarter 2017, positive 249,746 square feet was absorbed in the market.
  • During the third quarter 2018, one building totaling 4,800 square feet was completed in the Springfield retail market. Over the past four quarters, a total of 323,364 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.