Cassie wells with Keller Williams Realty. We’re going to go over the third quarter analytics that Ries put out last month
The vacancy on apartments is right at 5.1%. We’re going to have 2019 growth over 2018, the supply though is catching up with the peak. So we’re going to still see growth within the next five to 10 years, but it’s not going to be as much as it is this year. Rents are around 785 average in Little Rock, that’s up 1.9% from last year, and point 9% from last quarter.
Retail has about a 13.2 vacancy rate. The rent is about $13 per sq ft which is up 5% from the second quarter and up point 2% from last year. Even though bankruptcies for stores like Forever one, Barney, etc. affected occupancy rates. Stores like Sears and Macy’s own their own buildings, so these closures do not add to the retail vacancy rates. The neighborhood and community sector is what’s going strong right now. These buildings are seeing fitness centers, grocery stores, and home furnishings opening up.
Office rate vacancy rate for Little Rock is only at 11.2 right now the office vacancy rate is about 16.8, so we’re doing better than nationally. We will have to wait and see what is going to be happening downtown. The state will be taking some of the downtown renters, and moving them to the old Verizon building. Plus the old AT&T building is now going to become rental space, little office spaces. So we will have to see what’s really going to go on downtown. There’s been an average of 16/ sq ft. That is the same as last year so office rents are not going up at all. We Work is having an effect on occupancy. Companies are finding that people can work from their homes. Reis expects the economy to slow, and only grow by 2.2% this year. And that is shorter smaller than 2018 when we saw a 2.9% growth.