ARKANSAS (KNWA/KFTA) — A sign of growth in Northwest Arkansas despite the pandemic.
The Arvest Skyline Report released Tuesday, April 27, shows Washington and Benton Counties added 495,000 square-feet of commercial space in the second half of 2020.
Most of it was new office space, according to the report.
Despite the huge addition, the commercial real estate vacancy rates remained unchanged at just under 11%, meaning most of that new space quickly filled up.
“2020 was a unique year. It’s not anticipated to see this. I think maybe the rate of absorption is a positive side of this. When you look at vacancy rates, you didn’t see anything jump through the roof,” said Kelly Carlson, Arvest Commercial Loan Manager in Benton County.
Some sectors were not as successful.
Retail and warehouse space saw an increase in vacancy rates, according to the report.