Friday, February 8, 2013

Roanoke’s Occupancy Level Edges Up

Poe & Cronk Real Estate Group released the results of its 26th annual office market survey today reporting that both rental rates and occupancy edged upward in 2012.

The overall occupancy rate at the end of 2012 was up to 90% from 88% at the end of 2011. The 90% occupancy rate for the Roanoke Market is well ahead of the national average, 80.7%, as reported by the National Association of REALTORS ®.

The most substantial gain was seen in the South Suburban Business District which increased 2% despite the addition of 25,715 square feet to the surveyed inventory. Occupancy and rental rates were up slightly in the Central Business District as well.

“The occupancy of the Central Business District benefited from the deletion of over 118,000 square feet from the inventory”, said Richard Wellford of Poe & Cronk Real Estate Group. “Two notable properties, The Shenandoah Building and The Crystal Tower, are being converted to residential use. That reduction in supply has helped move downtown rental rates up ever so slightly.” 

Poe & Cronk developed Roanoke’s Original Office Market Survey in 1987 and has conducted it annually using consistent criteria and methods of reporting. This year’s survey incorporates data covering more than 100 non-governmental office buildings measuring 10,000 square feet or more.

Posted By Valerie Garner

Categories: Business

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