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Home > Poe & Cronk News > 2008 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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Occupancy Rates Shoot Up in Roanoke Valley
2007 Occupancy in Downtown Roanoke Highest in Over 20 Years
ROANOKE, VA - January 25, 2008 - Poe & Cronk Real Estate Group released the results of its 21st Annual Office Market Survey today reporting a significant increase in occupancy rates as compared to previous years.
Poe & Cronk developed Roanoke's Original Market Survey in 1987 and have conducted it annually using consistent criteria and methods of reporting. This year's survey incorporates data concerning more than 100 existing nongovernmental office buildings measuring 10,000 square feet or larger.
The occupancy for the entire Roanoke Valley increased by 4% in 2007, with office occupancy rates in the Downtown Central Business District increasing to 95% for the same period representing an increase of 6% since 2001. The Suburban District South showed a 9% increase in occupancy while the Suburban District North increased by 4% over 2006.
According to Bill Poe, EVP/COO of Poe & Cronk Real Estate Group, "The absorption of quality office space and the limited offerings of new construction will undoubtedly put pressure on current rental rates."
"Occupancy in the Suburban District South has improved over the last year. There are still higher than normal vacancies in certain buildings, however, overall occupancy has improved from 79% to 88% since 2006. The Suburban District North continues a positive trend of occupancy from 86% in 2007 to 89% in 2008" according to Mr. Poe.
For more information contact Bill Poe, EVP/COO, 855-3643.
Click here to view the survey in PDF format.
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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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