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Home > Poe & Cronk News > 2007 Market Survey
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Roanoke, Virginia 24011
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Office Vacancies Spring Up in Valley
According to a study, the area has seen a drop in office occupancy rates
By Christina Rogers (981-3264)
ROANOKE, VA - January 15, 2007 - The Roanoke Valley's office occupancy rate was down overall in 2006, after remaining relatively flat for a couple of years, according to an annual study conducted by Poe & Cronk Real Estate Group, based in downtown Roanoke.
The slip in occupancy rates is partly because of new office buildings that were constructed in 2006, said Bill Poe, executive vice president and chief operating officer of Poe & Cronk. Some of the newly constructed buildings include five in the city's southern suburban district that together offer more than 200,000 square feet in new office space.
The market survey incorporates data from 109 office buildings, each with 10,000 square feet or more.
For downtown Roanoke, the survey found that occupancy rates held steady from the previous year at 94 percent, despite what still seems like an abundance of vacant ground-level storefronts. In this case, looks can be deceiving, Poe said, because many of those buildings have occupied office space on upper floors. Also, not all buildings downtown were large enough to be counted in the survey, he added.
In the city's northern district, occupancy increased slightly again for the second year in a row, to 86 percent from 83 percent, a small jump that Poe attributes to two factors: not much new construction and new tenants filling up existing office space.
The city's southern district saw the largest drop: 11 percentage points from the previous year. But it also felt the largest expansion in terms of new - and modernized - office space. Poe said he considers the upturn in vacancies as positive for the commercial real estate market, adding that many of these newly constructed buildings will allow businesses to update their operations.
"You're never going to get an equilibrium," he said, referring to the new vacant spaces. "There is always going to be a time lag trying to fill them up."
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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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