Report: Commercial real estate shows improvement

By Stacey Roberts

Posted: March 1, 2011 at 11:01 a.m.

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Segments of the commercial real estate market in Washington and Benton counties are showing some signs of recovery, according to information released today by Arvest Bank and the Center for Business and Economic Research at the University of Arkansas at Fayetteville.

The amount of available commercial square footage that was leased during the last half of 2010 increased, according to the report. During that time, 387,877 square feet of space was leased or became occupied, “the first consequential amount of positive absorption that the commercial market has seen since the third quarter of 2008,” an Arvest news release stated.

The bulk of the newly leased space was in the office and retail submarkets in Rogers, the release stated.

Bob Boehmler, executive vice president and loan manager for Arvest Bank, Benton County, said he was encouraged to see early indications of positive momentum in the data for the three month period that covered November, December and January.

Arvest Bank commissions the Center, part of the Sam M. Walton College of Business, to prepare The Skyline Report, a quarterly survey of the real estate industry in Northwest Arkansas. Portions of the survey’s findings are released to the public.

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