Real Estate Market Studies

Industrial Real Estate Outlook

RAW DJI_0017Market Overview

Total vacancy rate: 4.7%

Inventory: 27,428,363 square feet

Change in vacancy rate from 1Q 2018: -0.2

Change in vacancy rate from 3Q 2017: -1.7

Weighted Average Rents (NNN): $4.25 per square foot

  • The Springfield Industrial market was positive 49,003 square feet in the second quarter 2018.
  • That compares to positive 257,747 square feet in the first quarter 2018, positive 270,508 square feet in the fourth quarter 2017, and positive 12,620 square feet in the third quarter 2017.
  • Total vacancy rate decreased from 4.9% at the end of 1Q 2018 to 4.7% at the close of 2Q 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: 5.0%

Inventory: 10,113,650 square feet

Change in vacancy rate from 1Q 2018: -0.6

Change in vacancy rate from 3Q 2017: -1.1

Weighted Average Asking Rate (FSG): $12.42

  • The Springfield office market recorded its second consecutive quarter of positive activity with 65,403 square feet of overall absorption during 2Q 2018.
  • This compares to positive 2,635 square feet in the first quarter 2018, positive 132,470 square feet in the fourth quarter 2017, and positive 89,703 square feet in the third quarter 2017.
  • Currently, there is 269,000 square feet under construction office space. The O’Reilly’s addition of 103,000 square feet is the largest building followed by the Veterans Affairs Clinic with 92,000 square feet.

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: 3.6%

Inventory: 28,565,163 square feet

Change in vacancy rate from 1Q 2018: 0.0

Change in vacancy rate from 3Q 2017: -0.3

Weighted Average Rents (NNN): $11.29 per square foot

  • The Springfield retail market was basically flat in Springfield 2Q 2018, with a negative 9,151 square feet absorbed in the quarter.
  • In first quarter 2018, net absorption was positive 156,932 square feet, while in fourth quarter 2017, absorption came in at positive 247,111 square feet. In third quarter 2017, positive 66,906 square feet was absorbed in the market.
  • Currently, a total of 1 retail buildings with 13,450 square feet of retail space were delivered to the market in the quarter, with 83,045 square feet still under construction at the end of the quarter.

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