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Record-setting construction of commercial property in Northwest Arkansas kept pace with demand, the latest Arvest Skyline Report shows.
The Northwest Arkansas commercial real estate market showed continued signs of strength in the second half of 2023 with vacancy rates holding steady even as new properties became available, the Skyline report indicated.
Northwest Arkansas’ commercial vacancy rate rose to 6.4% in the first half of 2023 from 5.6% in the second half of 2022, with more than 500,000 square feet of new space added to the market, according to the latest Skyline Report.
More than 528,000 SF of commercial space was added in the first half of 2023. Overall, the market is seen as healthy.
Meanwhile, price growth in the red hot market has slowed to single digits.