Roanoke report notes several positive trends
A new report reveals a number of positive trends in Roanoke’s commercial real estate market.
The firm Cushman & Wakefield | Thalhimer noted in its second-quarter report on the Roanoke area that its “economy is near full employment” with a 3.3 percent jobless rate in May.
The region’s office vacancy rate fell nearly 2 percentage points over 12 months, from 8.7 percent in the second quarter of 2017 to 6.8 percent in the same quarter this year.
The average office rental rate asked rose 2.9 percent, from $15.06 to $15.50 per square foot.
Meanwhile, the region’s industrial vacancy rate fell from 7.3 percent to 6.6 percent during the second quarter.
Year-to-date net absorption of industrial space was 472,000 square feet, triple the 170,000 square feet seen during the first six months of 2017.
Average asking rents rose 8.4 percent, from $4.76 to $5.16 per square foot.
Retail development in the region included the recent opening of Aldi and Hobby Lobby stores. A BJ’s Wholesale Club store is under construction.