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Home > Poe & Cronk News > 2006 Market Survey
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Poe & Cronk Real Estate Group
10 South Jefferson Street
1200 Wachovia Tower
Roanoke, Virginia 24011
540-982-2444
pcfirm@poecronk.com
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Downtown Shows Jump in Occupancy Rate
North, South Districts hold steady, Poe & Cronk says
ROANOKE, VA - January 23, 2006 - Office occupancy rates in the Central Business District of downtown Roanoke increased to 94 percent last year.
"This marks a 5 percent jump since 2001 and is a positive indicator of economic strength for our community," said Dennis R. Cronk, president and CEO of Poe & Cronk Real Estate Group and publisher of the 19th Annual Office Market Survey.
The Suburban District South remained at 90 percent occupancy, while the Suburban District North increased 1 percent over last year to 83 percent, a strong showing in an economically challenging year.
The increase in occupancy downtown came from the expansion of existing tenants and the decrease in inventory due to older office buildings, State and City and Colonial Arms Buildings, being converted to residential condos and apartments. The total square footage downtown was 2.6 million square feet in 2004. In 2006, the total square footage was 2.5 million square feet.
Another indicator of growth includes four new office buildings under construction in the South Business District: Atlantic Mutual at 48,000 square feet; Riverside Center Building No. 1 at 57,964 square feet; Consultants in Cardiology at 40,000 square feet and Valley Nephrology Building at 16,400 square feet.
Poe & Cronk created Roanoke's original market survey in 1987 and has conducted it annually using consistent criteria and methods of reporting. The survey analyzes data from more than 103 existing nongovernmental office buildings measuring 10,000 square feet or larger. For a copy of the report, contact Poe & Cronk at (540) 982-2444 or by e-mail at pcfirm@poecronk.com.
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About Poe & Cronk
Poe & Cronk (www.poecronk.com) is locally owned and internationally recognized as a leading full-service commercial real estate company. A team of real estate professionals with more than 200 combined years of experience offers expertise in marketing and managing commercial, industrial and investment properties. Organized in 1987, Poe & Cronk provides comprehensive commercial, industrial and investment real estate services throughout Western Virginia.
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