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Home > Poe & Cronk News > 2011 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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Occupancy Rates Remain Stable in Roanoke Valley for 2011
ROANOKE, VA - Poe & Cronk Real Estate Group released the results of its 24th Annual Office Market Survey today reporting overall occupancy rates remain stable as compared to the 2010 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 remained at 91%. The occupancy rate in the Central Business District (CBD) increased from 93% to 95% 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 remained the same at 89% while the North Business District (NBD) did see a decrease from 89% to 84%.
According Thom Hubard, Senior Vice President of Poe & Cronk Real Estate Group, "the survey shows the strength of the office market in the valley as compared to other markets". Roanoke continues its historical stability in the office market. While the occupancy has remained constant there has been very little net absorption because of the lack of any significant new construction. There does not appear to be any large office projects coming on line in the next 12 months therefore the office market should remain stable.
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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