Average asking rent Total vacancy rate
Little Rock Office Market
Little Rock office market
Colliers International reported the Little Rock metro area had positive
office absorption of 90,675 square feet during second-quarter 2017.
Some of the major property deals included a $7.1 million shopping-center purchase by Ziff Properties; two lease agreements by NovaSys
Health that totaled more than 67,000 square feet; and a 36,000-
square-foot lease agreement by Arkansas Children’s Hospital.
Data from Xceligent, a commercial real estate data provider, shows
the past second-quarter office vacancy rate was 7. 5 percent in Little
Rock, and average rental rates increased 20 cents per square foot over
first-quarter figures to $16.08 per square foot. There was an additional
272,000 square feet of office space still under construction at the start of
the past third quarter, according to CoStar.
The Downtown Little Rock Partnership reported that about $2 billion
has been invested in the area since 1996, including $165 million for the
Clinton Presidential Center. The central business district has a number
of tourism, government, nonprofit, finance and educational companies
that drive about 42,000 employees into the area each day.
What the locals say
“We’re pretty happy with the market right now, and that’s a
combination of low vacancy rates and good employment
numbers. We’ve got the unusual growing pains that come
with the medical-marijuana [legalization law] that recently
passed, so we’re trying to figure out how that fits into the
fabric of the real estate community and zoning.”
By Neil Pierson
The Natural State offers diverse economic and tourist attractions
It might not be the first place that comes to mind when planning an
outdoor adventure, but Arkansas is filled with the types of activities —
fishing, rafting, camping and mountain biking, to name a few — that make
its nickname, the Natural State, an appropriate one.
Included with the Louisiana Purchase transaction of 1803, Arkansas was
originally part of the Missouri Territory and achieved statehood in 1836.
Today, it is home to nearly 3 million people, according to the U.S. Census
Bureau. Arkansas is the 33rd-largest state in terms of population, and in
terms of area, it is the smallest state west of the Mississippi River, with the
exceptions of Hawaii and Louisiana.
Early French explorers used the word “Arkansas” to describe the native
Quapaw tribe and the river neighboring their settlement. When Jean-Baptiste Benard de la Harpe arrived in the 1720s, he used the phrase
“la petite roche” to describe a natural landmark on the south bank of the
Arkansas River. That eventually gave birth to Little Rock, the state’s capital
and largest city with nearly 200,000 residents.
With the exception of citrus fruits, Arkansas grows a portion of every
agricultural crop produced in the U.S. It leads the nation in rice and poultry
production. Crater of Diamonds State Park, located about 120 miles southwest of Little Rock, offers visitors the chance to search for white, brown and
yellow diamonds on the surface of a dormant volcanic crater.
The state’s most famous residents include former President Bill Clinton,
musicians Glen Campbell and Johnny Cash, Walmart founder Sam Walton
and poet Maya Angelou. Before he became president in 1848, Zachary
Taylor was the commander of Fort Smith, although he was commonly
mistaken for a farmer because he disliked wearing military uniforms. Today,
Fort Smith is the state’s second-largest city with about 88,000 residents,
according to census figures.
The state’s per-capita personal income of $39,345 ranked 45th nationally
in 2016, although Arkansas was 34th nationally in total personal income,
figures from the U.S. Department of Commerce show. The state’s 2016 gross
domestic product (GDP) of $120.7 billion ranked 34th nationally, growing
0.8 percent from 2015. The largest industry sector is finance, insurance,
real estate, rentals and leasing, accounting for 15 percent of the state’s
total GDP. n
Coldwell Banker Commercial Hathaway Group,