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Home > Poe & Cronk News > 2010 Market Survey
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Contact Us
Poe & Cronk Real Estate Group
10 S. Jefferson Street
Suite 1200
Roanoke, Virginia 24011
540-982-2444
pcfirm@poecronk.com
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Occupancy Rates Remain Stable in Roanoke Valley for 2010
ROANOKE, VA - February 3, 2010 - Poe & Cronk Real Estate Group released the results of its 23rd Annual Office Market Survey today reporting overall occupancy rates experienced a slight decrease as compared to the 2009 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 covering more than 100 existing nongovernmental office buildings measuring 10,000 square feet or larger.
Overall occupancy rates declined by 1%. From 92% to 91%. The occupancy rate in the Central Business District (CBD) dropped from 94% to 93% primarily due to the addition of the 47,960 SF Stone Printing Building vacated in 2009 by the Social Security Administration. The South Business District (SBD) occupancy rate decreased by 1% point to 89% while the North Business District (NBD) increased to 89%.
According Thom Hubard, Senior Vice President of Poe & Cronk Real Estate Group, "Full service rental rates in this year's survey range from $10 SF to $27 SF. This represents a slight increased 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."
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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