Real Estate Market Studies

Industrial Real Estate Outlook

RAW DJI_0017Market Overview

Total vacancy rate: 4.9%

Inventory: 28,168,494 square feet

Change in vacancy rate from 3Q 2018: +0.7

Change in vacancy rate from 2Q 2018: +0.3

Weighted Average Rents (NNN): $4.41 per square foot, a decrease over the previous quarter

  • The Springfield Industrial market was negative 168,975 square feet in the fourth quarter 2018.
  • That compares to positive 215,940 square feet in the third quarter 2018, positive 50,603 square feet in the second quarter 2018, and positive 251,447 square feet in the first quarter 2018.
  • Total vacancy rate increased from 4.2% at the end of 3Q 2018 to 4.9% at the close of 4Q 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: 3.6%

Inventory: 10,140,600 square feet

Change in vacancy rate from 3Q 2018: -0.9

Change in vacancy rate from 2Q 2018: -1.0

Weighted Average Asking Rate (FSG): $12.87, an increase over the previous quarter

  • The Springfield office market recorded its fourth consecutive quarter of positive activity with 85,267 square feet of overall absorption during 4Q 2018.
  • That compares to positive 17,343 square feet in the third quarter 2018, positive 37,522 square feet in the second quarter 2018, and positive 4,862 square feet in the first quarter 2018.
  • There were 8,000 square feet of office space under construction at the end of the fourth 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: 3.7%

Inventory: 28,760,439 square feet

Change in vacancy rate from 3Q 2018: -0.1

Change in vacancy rate from 2Q 2018: +0.1

Weighted Average Rents (NNN): $12.16 per square foot

  • Retail net absorption was slightly positive in Springfield fourth quarter 2018, with a positive 31,677 square feet absorbed in the quarter.
  • In third quarter 2018, net absorption was negative 28,782 square feet, while in second quarter 2018, absorption came in at negative 651 square feet. In first quarter 2018, positive 165,232 square feet was absorbed in the market.
  • During the third quarter 2018, one building totaling 2,916 square feet were completed in the Springfield retail market. Over the past four quarters, a total of 143,756 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.