Coleman Group’s 4th Annual Commercial Real Estate Market Study Now Includes The Booming Office Condo Development Segment
Always dynamic, The Lexington Market Study compiled by Coleman Group, LLC breaks new ground by including the Lexington Office Condo Survey. It’s an addition that reflects two Lexington market realities; the continuing strong growth of the local economy, and the tightening availability of office space in downtown and suburban locations.
Lexington, KY (PRWEB) February 23, 2006
Always dynamic, The Lexington Market Study compiled by Coleman Group, LLC breaks new ground by including the Lexington Office Condo Survey. It’s an addition that reflects two Lexington market realities; the continuing strong growth of the local economy, and the tightening availability of office space in downtown and suburban locations.
Specifically, the Office Condo Survey revealed 66 office condos already built or in construction totaling 1,379,656 square feet, with an additional 445,464 square feet in the planning stages. At the end of the calendar year, 496,797 square feet was vacant, indicating a vacancy rate of 36.01 %.
The Suburban Survey was much different. The year-end review disclosed 2,663,338 square feet in 74 suburban office buildings, with a 10.06 % overall vacancy rate, which included a regular vacancy rate of 8.91 % and a sublease availability of 1.15 %. This indicates a total suburban vacancy decrease of 2.34 % from the 12.4 % compiled in the fourth quarter of 2004.
The Central Business District market Study indicated that of the 2,366,126 square feet surveyed in 31 downtown office buildings, there was a healthy decrease of 1.29 %.
These numbers indicate that the Lexington Market is much stronger than the National Market. Nationally, the Suburban Office Study showed a 17.4 % vacancy rate versus Lexington’s 10.06 %. And the 3rd Quarter 2005 National Office Market vacancy rate was 13.3 % compared to Lexington’s Central Business District’s 12.84 %.
Bob Cole, President of Coleman Group, says, “With the continuously strong business climate and emphasis on service economy, it’s entirely understandable that we are experiencing annual decreases in space availability and a continuing increase in office condo development.”
The Industrial Warehouse/Flex Market Study however has remained relatively constant. Of the total 6,133,777 square feet surveyed, there is 1,527,968 square feet of availability which represents an decrease of 2.71 % from the fourth quarter of 2005.
If you would like to receive a copy of the Lexington Market Studies, please go to Coleman Group’s website at www. ColemanGroup. net and use the Request Market Studies link.
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