Roanoke’s commercial district remained stable—with a slight decrease—for 2009, according to the newly-released Poe & Cronk Real Estate Group 23rd Annual Office Market Survey.
This year’s survey incorporates data covering more than 100 existing nongovernmental office buildings measuring 10,000 square feet or larger. Overall occupancy rates declined from 92 percent to 91 percent.
The occupancy rate in the Central Business District dropped from 94 percent to 93 percent primarily due to the addition of the vacated 47,960 square foot Stone Printing Building, which housed the Social Security Administration. The South Business District (SBD) occupancy rate decreased by 1 percentage point to 89 percent while the North Business District (NBD) increased to 89 percent.
According Senior VP Thom Hubard, “Full service rental rates in this year’s survey range from $10 per square foot to $27. This represents a slight increase, due in large part to increased utility and development cost. The office market has been stable for a number of years and appears to remain that way in the future despite national office market trends.”