2024年三季度市場報(bào)告-阿肯色州中部零售市場空置率略有上升但期待已久的降息預(yù)計(jì)將增加活動(dòng)（英）

?LyonCollegeSchoolofDentistrysignshugeofficeleaseinRiverdale

?Newindustrialinventoryremainsscarce

CentralArkansasRetailMarketVacanciesRiseSlightly,But

Long-AwaitedInterestRateCutExpectedtoIncreaseActivity

OfficeMarketVacancyShowsSlightDecrease

ExecutiveSummary

RetailvacancyratesintheLittleRockmetroexperiencedaslightuptickfromQ2to

Q32024,settlinginat4.9%forthethird

quarter.Averagerentalratesacrossthe

marketincreasedslightlyfrom$16.75/

squarefootto$17.23/squarefoot.Thelong-expectedinterestratecutsfromtheFederalReservefinallyarrivedinQ3,teeinguptheretailmarketforincreasedactivityinbothinvestmentsalesandleasingopportunities.Overall,themarketcontinuestoshow

resilienceand,despiteeconomicchallenges,hasadaptedandcontinuedtogrow.

HistoricComparison:Vacancy

OfficeVacancy

IndustrialVacancy

FlexVacancy

23Q424Q124Q2

24Q3

10.7%

4.4%

7.7%

11.3%

3.5%

7.9%

11.4%

4.4%

7.1%

12.2%

4.2%

7.2%

RetailVacancy

4.4%4.4%4.6%4.9%

Vacancyratesexcludesubleasespace

CentralArkansas

KeyTakeaways

?Retailcontinuestoshowresilience

MarketReport

24Q3

Themetro’soverallofficemarketvacancyratesawa1.5%decreaseinQ3.RiverdalescoredthelargestleaseoftheyearthankstotheLyonCollegeSchoolofDentistry,whichtook121,905squarefeetat

RiverfrontPlazaina25-yearlease.Arecurringoff-marketthemethatcontinuestobeobservedis

tenantsaskingforspacereductionandshorter-termleasesaslandlordscontinuetogenerallyofferlimitedtenantimprovementpackages.ConstructioncoststickeddownslightlyinQ3,yetremainnearall-timehighs.Asaresult,therearecurrentlynosignificantofficeconstructionprojectsinthemarket.

Theindustrialmarketcontinueditstrendinconsistency,endingQ3atthesamevacancyratethatitstartedtheyearwith:4.4%.Muchneedednewinventoryonthemarketremainshardtocomeby.

Leaseratescontinuetoeitherholdsteadyorclimb,withflexproductinthewestsubmarketpushingabovethe$10ceilingwhiletheSalineCountysubmarketisjustbehindat$9.75.

Colliers|LittleRock|24Q3|MarketReportP.1

MarketReport

24Q3

Office

TheLittleRockmetro’soverallofficemarketvacancyrate

decreased1.5%to10.7%duringQ3withtheoverallvacancyratesduringthelasttwoquarterscominginat11.3%and

11.4%respectively.Thehighestsubmarketvacancyrateis26.1%ineastLittleRockandthelowestis2.8%inthesouthwestcornerofthecity.WestLittleRockcameinatahealthy6.8%.

ThemajorityofrentalratesinthecentralArkansassubmarketincreasedduringthethirdquarter,notablysoinwestLittle

Rock,Conway,NorthLittleRock,SalineCounty,andMaumelle.Q3officeabsorptionwas102,838squarefeetinmidtown,

-14,261inwestLittleRock,and-25,132indowntown.WestLittleRockproducedthehighestrentalrateintheoverallmarketat$21.34persquarefoot.

OfficeAverageLeaseRates

25

20

15

10

5

0

23Q4w24Q1w24Q2w24Q3

CentralArkansas

LyonCollegeSchoolofDentistry’s121,905-square-foot,25-yearleaseinRiverdalewasbyfarthelargestofficeleaseinthe

area.TheRiverfrontPlazaproperty’saccesstobiketrailsanditsproximitytoareahospitalswereatopconsiderationforthistransaction,whichshouldhaveapositiveimpactonresidential,multifamilyandretailsectorsinthesubmarket.

Arecurringoffmarketthemethatwe’veseenistenantscontinuingtoaskforspacereductionsandshortertermleases.Landlordscontinuetogenerallyofferlimited“TI,”or“tenantimprovement,”packages.Constructioncostshavecomedownslightly,yetstill

remainexpensive.Asaresult,therearecurrentlynonewsignificantofficeconstructionprojectsinthemarket.

OutsideoftheCashionCompany’s$2.225Msaleat321ScottStreetindowntown($177persquarefoot),nosignificantofficesalesoccurredinthemarketduringQ3.

Inconclusion,outsideoftheLyonCollegelease,theofficemarketissomewhatlacklusterandmixedacrossthevarious

submarkets.Thepent-updemandispotentiallyduetothewait-and-seeattitudeontheeconomyandupcomingelection.Also,weareseeingthelabormarketslowlymovingawayfromthework-from-homecycle.Weareexpectingtheseissuestoeventually

increasefutureofficedemand.

RiverfrontPlaza

321ScottStreet

Colliers|LittleRock|24Q3|MarketReportP.2

MarketReport

24Q3

Industrial

ThecentralArkansasindustrialmarketcontinueditstrendin

consistency,endingQ3preciselyasitbegantheyearwitha4.4%vacancyrate.

JusttwosalestransactionsintheeastLittleRocksubmarket

helpedtoabsorbnearly100,000squarefeet:2300East145th

Streetand170114thStreetclosedforacombined$1,290,000.Furthervacancyinthesamesubmarketwasabsorbedbythe

largestindustrialleaseofthequarterwhenHornsbyTiretookin52,500SFat4200HoernerRoadinLittleRock.

2300East145thStreet

ThetypicallyactivesouthLittleRocksubmarketsawitslargesttransactionofthequarterwiththesaleof6000ScottHamiltonDriveforjustunder$1,600,000.

ParkwoodCenterbroughtthelargestpurchasepriceofall

industrialsaletransactionsinQ3at6807W.12thStreet,whichsoldforanimpressive$3,700,000inthemidtownsubmarket.

Muchneedednewinventoryforsaleremainsdifficulttocomeby.TwonotablenewmanufacturingfacilitieslocatedwithintheLittleRockPortAuthoritydidmakeitonboard,however:

-35,304SFat4900ThibaultRoad

-131,044SFat6401LindseyRoad

Leaseratescontinuetoeitherholdsteadyorclimb,withflex

4900ThibaultRoad

productinthewestsubmarketpunchingthroughthe$10ceilingandtheSalinesubmarketonitstailsat$9.75.Newspeculativeflexfacilitiesofferingproductinthe5,000–10,000SFrangeareintheworks,likelyinthehopesofcapturingthisparticularuser.

IndustrialAverageLeaseRatesFlexAverageLeaseRates

10

9

8

7

6

5

4

3

2

1

0

18

16

14

12

10

8

6

4

2

0

23Q424Q124Q224Q3

23Q424Q124Q224Q3

CentralArkansas

Colliers|LittleRock|24Q3|MarketReportP.3

MarketReport

24Q3

Retail

TheQ3centralArkansasretailmarketvacancyrate

adjustedslightlyhigher,bringingitto4.9%from4.6%

inQ2.Thispercentagedoeswidenthegapwiththe

nationalaveragewhichdecreasedto4.1%from4.6%

thepreviousquarter.Therentalrateaveragesacrossallsubmarketsincreasedfrom$16.75/SFinQ2to$17.23/SFinQ3.TotalleaseinventoryacrosscentralArkansasincreasedbyapproximately100,000squarefeetandthesaleinventorybyanadditional20,000squarefeet.Bothleaseandsalecompsdeclinedinoverallsquarefootagequarter-to-quarterrespectively.

Whileinflationhasbeenfeltinthewalletsand

spendinghabitsoftheconsumer,aswellasoperatingcosts,labor,andinventoryforretailers,thisquarterwelcomedalong-awaitedratecutof50basispointsfromtheFederalReserve,whichwasthefirstcutin

RetailAverageLeaseRates

25

20

15

10

5

0

w23Q424Q1w24Q2w24Q3

CentralArkansas

morethanfouryears.Therippleeffectfromthis—andforecastedfuturecutsoverthenextseveralquarters—isstarting

toshowincreasedactivityinbothinvestmentsalesandleasingopportunities.Eventhoughthelendingclimateisslowto

adjustduetoinflationstillbeingprevalentandconstructioncostsremaininghigh,thereisaflexibilitythatwehavenothadinsometime.AsQ4approaches,monitoringtheseeconomictrendswillbecrucialforinvestors,developers,lenders,tenants,andallstakeholderswithintheretailsector.Overall,theretailmarketincentralArkansasshowedcontinuedresilienceinQ3,characterizedbyablendofnewconstructionsuchastheStarbucksinConway,AutoZoneinLittleRockandtheMalayDistrictgroundbreaking.Newtenants,likeFilmAlleybackfillingtheformerBreckenridgetheatre,showshowthemarket,despite

economicchallenges,hasnotonlyadaptedbutcontinuestogrow.

HotSpringsCommercialRealEstate

HotSpringsRetailSectorSeesGrowthandContraction

HotSprings’retailsectorexperiencedbothpositiveandnegativedevelopmentsduringQ3.Onthepositiveside,severalnewbusinessesopened,includingBurlington,Chipotle,SweetSmokyJoe’s,andHawaiiExpress.Additionally,Whataburgeris

expectedtoopeninspring2025.However,theHotSpringsBigLots’locationisslatedtoclosethisDecember.

Inothernewbusinessnews,KMACEnterprisespurchasedlandonMalvernAvenueforaTacoBelland7BrewhasacquiredagroundleaseandstartedconstructiononanewCentralAvenuelocation.Additionally,10acresonAirportRoadwasrecentlyacquiredfortheconstructionofaBubbaBrews,whichwillfeatureacraftfitnesscenter,brewstillery,craftkitchen,andbeergarden.

HotSpringsHospitalitySectorContinuestoEvolve

Thehospitalitysectorsawseveralnotabletransactionsanddevelopments.TheDaysInnbyWyndhamsoldinJulyfor

$2,600,000,andseveralhotelsareundergoingrenovations,includingtheArlingtonHotel,ParkHotel,andEmbassySuites.

FutureplansincludeanewHamptonInn&SuitesandtheconversionoftheMedicalArtsBuildingintoanAloftHotel,bothinthedowntownarea.

Colliers|LittleRock|24Q3|MarketReportP.4

LittleRock|24Q3|MarketStatistics

TotalSaleInventorySFTotalLeaseInventorySF

CentralArkansas

Cabot

Submarket/Subtype

AverageLeaseRate

TotalLeasedSF

TotalSoldSF

-----

IndustrialFlex

Office

Retail

-----

-----

16,386SF108,044SF$13.75/SF1,893SF11,772SF

TOTAL

16,386SF

108,044SF

$13.75/SF

1,893SF

11,772SF

Conway

Industrial

214,500SF

7,258SF

$9.00/SF

-

11,000SF

Flex

-

-

-

-

-

Office

195,991SF

189,564SF

$14.11/SF

5,076SF

11,313SF

Retail

25,215SF

140,573SF

$18.16/SF

31,576SF

19,460SF

TOTAL

435,706SF

337,395SF

$17.06/SF

36,652SF

41,773SF

Downtown

Industrial

48,764SF

16,555SF

$4.50/SF

-

-

Flex

47,906SF

2,500SF

$12.00/SF

7,950SF

-

Office

510,432SF

807,043SF

$17.95/SF

24,047SF

28,172SF

Retail

66,565SF

165,208SF

$14.77/SF

-

-

TOTAL

673,667SF

991,306SF

$17.40/SF

31,997SF

28,172SF

East

Industrial

181,639SF

849,449SF

$6.11/SF

94,816SF

9,065SF

Flex

-

-

-

-

-

Office

3,992SF

56,200SF

$15.53/SF

-

-

Retail

-

25,206SF

$15.00/SF

-

-

IndustrialFlex

Office

Retail

TOTAL

185,631SF

930,855SF

$10.17/SF

94,816SF

9,065SF

Jacksonville

55,275SF

8,424SF

38,226SF

13,200SF

-

31,290SF

$7.25/SF

-

$12.67/SF

-

-

-

-

-

-

86,893SF116,875SF$11.36/SF2,580SF-

TOTAL

188,818SF

161,365SF

$11.15/SF

2,580SF

-

Maumelle

Industrial

-

93,896SF

$7.83/SF

7,000SF

3,000SF

Flex

-

38,230SF

$9.21/SF

13,882SF

5,000SF

Office

-

13,226SF

$14.81/SF

-

2,360SF

Retail

8,700SF

18,774SF

$15.33/SF

-

2,500SF

TOTAL

8,700SF

164,126SF

$12.11/SF

20,882SF

12,860SF

Midtown

Industrial

7,888SF

10,500SF

$5.00/SF

2,040SF

2,500SF

Flex

-

61,230SF

$7.55/SF

66,796SF

-

Office

169,882SF

468,077SF

$17.95/SF

-

157,497SF

Retail

36,175SF

132,335SF

$17.66/SF

78,426SF

7,812SF

TOTAL

213,945SF

672,142SF

$17.44/SF

147,262SF

167,809SF

NorthLittleRock

Industrial

377,990SF

599,131SF

$4.11/SF

16,000SF

5,400SF

Flex

54,085SF

5,600SF

-

-

11,872SF

Office

64,090SF

177,066SF

$17.68/SF

5,405SF

15,876SF

Retail

71,576SF

345,983SF

$14.04/SF

22,935SF

16,420SF

TOTAL

567,741SF

1,127,780SF

$14.80SF

44,340SF

49,568SF

Colliers|LittleRock|24Q3|MarketReportP.5

LittleRock|24Q3|MarketStatistics

IndustrialFlex

Office

Retail

Submarket/

SubtypeTotalSaleInventorySFTotalLeaseInventorySFAverageLeaseRateTotalSoldSFTotalLeasedSF

CentralArkansas

SalineCounty

13,400SF

-

6,254SF

112,920SF

10,500SF

10,522SF

-

$6.50/SF

-

$9.75/SF

-

$20.67/SF

-

-

2,597SF

93,814SF50,592SF$17.54/SF9,934SF13,417SF

TOTAL

113,468SF

184,534SF

$16.82/SF

9,934SF

16,014SF

Sherwood

Industrial

-

-

-

12,000SF

-

Flex

3,000SF

3,000SF

$16.00/SF

-

-

Office

91,552SF

163,566SF

$16.31/SF

-

-

Retail

30,509SF

15,625SF

$13.95/SF

-

-

TOTAL

125,061SF

182,191SF

$16.04/SF

12,000SF

-

South

Industrial

285,373SF

479,524SF

$4.92/SF

34,960SF

94,615SF

Flex

31,000SF

152,165SF

$5.77/SF

6,000SF

31,070SF

Office

126,759SF

54,733SF

$11.47/SF

11,528SF

5,879SF

Retail

110,408SF

88,828SF

$12.32/SF

17,319SF

3,797SF

TOTAL

553,540SF

775,250SF

$8.64/SF

69,807SF

135,361SF

Southwest

Industrial

TotalSaleInventorySF

TotalLeaseInventorySF

AverageLeaseRate

TotalSoldSF

TotalLeasedSF

-

87,944SF

$4.67/SF

-

-

Flex

-

43,000SF

$7.50/SF

-

5,000SF

Office

9,366SF

4,714SF

$14.95/SF

6,700SF

2,113SF

Retail

46,045SF

21,624SF

$20.81/SF

10,874SF

11,200SF

TOTAL

55,411SF

157,282SF

$14.61/SF

17,574SF

18,313SF

West

Industrial

-

-

-

-

-

Flex

25,042SF

45,329SF

$10.33/SF

-

13,000SF

Office

261,585SF

436,368SF

$21.34/SF

22,759SF

51,847SF

Retail

43,822SF

490,114SF

$21.53/SF

11,563SF

48,051SF

TOTAL

330,449SF

971,811SF

$21.20/SF

34,322SF

115,925SF

LittleRockSubmarkets

1.Downtown

2.East

3.Jacksonville

4.Maumelle

5.Midtown

6.NorthLittleRock

7.Sherwood

8.South

9.Southwest

10.West

Colliers|LittleRock|24Q3|MarketReportP.6

MarketReport

24Q3

SignificantSalesActivity

AugustaPlaceApartments|NLR

WMAAugustaPlace,LLCpurchasedthe137,224SFapartmentcomplexfromTMFAugustaPlaceHolding,LLCfor:

$8,756,601|$63.81/SF

ParkwoodCenter|Midtown

SEPParkwoodCenter,LLCpurchasedthe66,796SFflexbuildingfromBHWLRPark-woodCenter,LLCfor:

$3,700,000|$55.39/SF

CountryClubStation|Midtown

CCStation,LLCpurchasedthe

10,660SFretailbuildingfromCountryClubStationRealtyCo.for:

$3,200,000|$300.19/SF

SignificantLeaseActivity

RiverfrontPlazaB5|Midtown

LyonCollegeleased121,905SFofofficespace.

4200HoernerRoad|South

TireDistributorsLittleRock,LLC

leased52,500SFofindustrialspace.

BreckenridgeVillage|West

FilmAlleyleasedthe44,417SFmovietheaterspace.

CentralArkansas

NotableConstruction

PropertySu