Real Estate Market Studies

Industrial Real Estate Outlook

RAW DJI_0017Market Overview

Total vacancy rate: 4.9%

Inventory: 31,106,385 square feet

Change in vacancy rate from 3Q 2019: +0.7

Change in vacancy rate from 2Q 2019: 0.0

Weighted Average Rents (NNN): $4.50 per square foot, a increase over the previous quarter

  • The Springfield Industrial market had a negative net absorption 230,115 square feet in the fourth quarter 2019.
  • That compares to positive 292,317 square feet in the third quarter 2019, positive 300,598 square feet in the second quarter 2019, and negative 10,598 square feet in the first quarter 2019.
  • Total vacancy rate increased from 4.2% at the end of 3Q 2019 to 4.9% at the close of 4Q 2019.

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: 3.4%

Inventory: 12,440,127 square feet

Change in vacancy rate from 3Q 2019: +0.2

Change in vacancy rate from 2Q 2019: +0.2

Weighted Average Asking Rate (FSG): $13.15, an decrease over the previous quarter

  • The Springfield office market recorded its second consecutive quarter of positive net absorption with 11,441 square feet of overall absorption during 4Q 2019.
  • That compares to positive 5,304 square feet in the third quarter 2019, negative 36863 square feet in the second quarter 2019, and positive 5,074 square feet in the first quarter 2019.
  • There were 15,000 square feet of office space under construction at the end of the fourth quarter 2019.

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: 3.8%

Inventory: 29,580,655 square feet

Change in vacancy rate from 3Q 2019: 0.0

Change in vacancy rate from 2Q 2019: +0.4

Weighted Average Rents (NNN): $10.04 per square foot

  • Retail net absorption was slightly negative in Springfield fourth quarter 2019, with a negative 5,788 square feet absorbed in the quarter.
  • In third quarter 2019, net absorption was positive 62,622 square feet, while in second quarter 2019, absorption came in at negative 69,954 square feet. In first quarter 2019, positive 174,533 square feet was absorbed in the market.
  • During the fourth quarter 2019, four building totaling 30,553 square feet were completed in the Springfield retail market. Over the past four quarters, a total of 188,983 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.