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Little Rock Office Space

skirby

By skirby
in Little Rock Metropolitan Area

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skirby Town

skirby

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A look at the LR office space numbers for the 2Q of 2005.

Little Rock downtown all inventory 5,717,000 Vacancy Rate 18.6%

class A 3,239,000 15.0%

Memphis dt all inventory 6,705,000 19.8%

class A 1,750,000 17.6%

Nashville dt all inventory 6,644,000 16.4%

class A 3,477,000 18.2%

Austin dt all inventory 8,440,000 26.5%

class A 4,878,000 26.0%

Little Rock suburban all inventory 6,980,000 9.2%

Memphis 23,198,000 16.6%

Nashville 19,875,000 12.6%

Austin " " 27,864,000 15.6%

Little Rock's dt class A space compares in size to Nashville and is larger than Memphis. The vacancy rate is below the others. The Victory Building contains about a quarter of the vacant space in Little Rock's class A market.

As for all inventory in downtown Little Rock this should be going down. Lafayette Square is taking close to 200,000 square feet off the market and when the Continental Building is torn down another 75,000+ square feet will be gone. With any other condo conversions additional space will be removed.

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skirby Town

skirby

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Nice info Skirby. I've wondered how Little Rock compares in some instances like this to other cities.

The info came from Colliers, they only do surveys for certain cities. They do not do anything in OK or Jackson, MS or Shreveport. What cities are you interested in?

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Mith242 Gigalopolis

Mith242

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The info came from Colliers, they only do surveys for certain cities. They do not do anything in OK or Jackson, MS or Shreveport. What cities are you interested in?

You've picked most of the closer ones. Checking New Orleans would be a bit odd now. How about Indianapolis? I remember years ago when I lived in Pine Bluff something about Little Rock using that city as a model.

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skirby Town

skirby

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You've picked most of the closer ones. Checking New Orleans would be a bit odd now. How about Indianapolis? I remember years ago when I lived in Pine Bluff something about Little Rock using that city as a model.

Indianapolis dt inventory is 11,409,000 vacancy rate 19.7 %

class A 6,475,000 16.4%

Louisville dt all 9,157,000 21.5%

class A 3,475,000 14.8%

Something interesting about Nashville. At the time of the survey they had an additional 338,000 sq. ft. under construction.

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skirby Town

skirby

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Downtown office space continues to fill up. For 1st quarter 2006 ending March 31st.

All inventory: Dec. 31, 05 - 15.2% Total 5,717,000 sq. ft.

March 31, 06 - 13.7%

Class A: Dec. 31, 05 - 13.9% Total 3,239,000 sq. ft.

March 31, 06 - 11.4%

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Aporkalypse City

Aporkalypse

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Downtown office space continues to fill up. For 1st quarter 2006 ending March 31st.

All inventory: Dec. 31, 05 - 15.2% Total 5,717,000 sq. ft.

March 31, 06 - 13.7%

Class A: Dec. 31, 05 - 13.9% Total 3,239,000 sq. ft.

March 31, 06 - 11.4%

Eventually the condo conversions will lead to increased demand for downtown office space and I think we'll actually see a new office tower at some point. At least I hope so. At the very least I expect to see a lot more demand for office space in new mixed use developments.

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Aporkalypse City

Aporkalypse

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Second quarter ending June 30, 2006 for downtown Little Rock.

All inventory 5,717,000 Vacancy Rate 13.2%

Class A 3,239,000 Vacancy Rate 11.0%

One year ago the Vacancy Rates were 18.6% and 15%.

Is the vacancy rate going down because of conversion of office space to residential or increased demand (or both)?

Those taes are impressively low - enough so to spur new office development.

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skirby Town

skirby

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Is the vacancy rate going down because of conversion of office space to residential or increased demand (or both)?

Those taes are impressively low - enough so to spur new office development.

The rates are due to office demand as you can see there has been no decrease is space which should have happened due to the conversion factor.

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Aporkalypse City

Aporkalypse

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The rates are due to office demand as you can see there has been no decrease is space which should have happened due to the conversion factor.

I'd love to see a new downtown high rise office tower but that would really be bucking trends.

I can think of some lost office space - the old Donaghey building, the Lafayette building, the Rainwater building, etc. I guess that has generally been offset by new office space in the mixed use buildings downtown and the Heifer Project HQs.

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skirby Town

skirby

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I'd love to see a new downtown high rise office tower but that would really be bucking trends.

I can think of some lost office space - the old Donaghey building, the Lafayette building, the Rainwater building, etc. I guess that has generally been offset by new office space in the mixed use buildings downtown and the Heifer Project HQs.

If the rates keep going down instead of a single office highrise I'd rather see two mixed use buildings built. Two buildings with ground floor retail and 10/15 floors of office space with another 10/15 floors of residential on top.

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Aporkalypse City

Aporkalypse

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If the rates keep going down instead of a single office highrise I'd rather see two mixed use buildings built. Two buildings with ground floor retail and 10/15 floors of office space with another 10/15 floors of residential on top.

You're right, I'd always rather see that. I just don't know if the condo market would take it.

I do think there's room for more hotels in the right location. Hotel location as close as possible to Markham/Clinton or the River Market is key right now, though, which is why the old Holiday Inn --> Radisson is now a La Quinta.

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skirby Town

skirby

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You're right, I'd always rather see that. I just don't know if the condo market would take it.

I do think there's room for more hotels in the right location. Hotel location as close as possible to Markham/Clinton or the River Market is key right now, though, which is why the old Holiday Inn --> Radisson is now a La Quinta.

The thing about the condo market is there are no new major projects for new construction. After the 300 3rd Tower is completed that is it. Any new buildings would be at least three years from now before they opened. You are right about the La Quinta location. It doesn't have much to offer the traveler near by except for fast food.

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Aporkalypse City

Aporkalypse

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The thing about the condo market is there are no new major projects for new construction. After the 300 3rd Tower is completed that is it. Any new buildings would be at least three years from now before they opened. You are right about the La Quinta location. It doesn't have much to offer the traveler near by except for fast food.

All of Broadway could use a good working over.

Any word on what's going on with the old YMCA building?

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theman Hamlet

theman

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The thing about the condo market is there are no new major projects for new construction. After the 300 3rd Tower is completed that is it. Any new buildings would be at least three years from now before they opened. You are right about the La Quinta location. It doesn't have much to offer the traveler near by except for fast food.

The La Quinta doesn't have much to offer unless you are doing business with BCBS, the Federal Courts or at one of the business in the towers in CBD.

Moses Tucker said that they wanted to add even more condos downtown, but with the condo trend cooling 300 Third may be it for a while.

I agree that another hotel in the River Market area would work well. There was a rumor that a Hilton Garden Inn was going to be built down there.

Has anyone heard how the Courtyard Marriot has been doing down there? I'm sure it is doing well, but I was wondering what the numbers looked like.

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Aporkalypse City

Aporkalypse

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The La Quinta doesn't have much to offer unless you are doing business with BCBS, the Federal Courts or at one of the business in the towers in CBD.

Moses Tucker said that they wanted to add even more condos downtown, but with the condo trend cooling 300 Third may be it for a while.

I agree that another hotel in the River Market area would work well. There was a rumor that a Hilton Garden Inn was going to be built down there.

Has anyone heard how the Courtyard Marriot has been doing down there? I'm sure it is doing well, but I was wondering what the numbers looked like.

I heard very good numbers on the Courtyard by Marriott, I just can't remember them.

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LRU1967 Whistle-Stop

LRU1967

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I agree that another hotel in the River Market area would work well. There was a rumor that a Hilton Garden Inn was going to be built down there.

Has anyone heard how the Courtyard Marriot has been doing down there? I'm sure it is doing well, but I was wondering what the numbers looked like.

There was a report in the Arkansas Times that a Hilton Garden Inn was to be built at 4th & Commerce. This is in the same block as the TufNut Lofts.

I don't have any occupancy data, but a couple of months ago we had 30 rooms reserved in the Courtyard for out of town guests at my daughter's wedding. Every guest I talked do was pleased with the hotel. The staff was very cooperative when we reserved the rooms and in placing gifts for our guests in the proper rooms.

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