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Home > Poe & Cronk News > 2009 Market Survey
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Poe & Cronk Real Estate Group
10 S. Jefferson Street
Suite 1200
Roanoke, Virginia 24011
540-982-2444
pcfirm@poecronk.com
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Occupany Rates Remain Steady in Roanoke Valley
ROANOKE, VA - February 25, 2009 - Poe & Cronk Real Estate Group released the results of its 22nd Annual Office Market Survey today reporting overall occupancy rates remain the same as compared to the 2008 survey.
Poe & Cronk developed Roanoke's Original Office 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.
Overall occupancy rates remained the same as compared to the previous year at 92%. The occupancy rate in the Central Business District (CBD) at 94% continues to reflect the limited leasing opportunities. The South Business District (SBD) occupancy rate increased from 88% to 90% while the North Business District (NBD) leveled off at 89%.
According to Thom Hubard, Senior Vice President of Poe & Cronk Real Estate Group, "The absorption of quality office space and limited offerings of new construction have resulted in slightly higher rental rates."
"Occupancy in the SBD has improved over the previous year. These are still higher than normal vacancies in certain buildings, however, overall occupancy has improved 2% since 2006. The NBD continues a positive trend of occupancy from 86% in 2007 to 89% in 2009," according to Mr. Hubard.
For more information, contact Thom Hubard, Senior Vice President, 540-982-2444.
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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