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Home > Poe & Cronk News > 2011 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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Roanoke Occupancy Level Remains Above National Average
ROANOKE, VA - Poe & Cronk Real Estate Group released the results of its 25th Annual Office Market Survey today reporting overall occupancy rates trending lower with rental rates remaining stable.
The occupancy rate in the Central Business District (CBD) decreased from 95% to 92% largely as a result of Anthem's reduction of office space in the Franklin Plaza Building. Both the South and North Business District experienced a 2% decrease.
Overall occupancy rates in the valley dropped by 3% to 88% in 2011 adding an additional 130,000 SF of available office space. Roanoke's 88% occupancy rate continues to outpace the 83% National average as reported by the National Association of REALTORS®.
"Additional inventory is healthy when new construction is non-existent," said Bryan Musselwhite of Poe & Cronk. "In the past twelve months alone, we have seen a substantial increase in activity from both existing tenants looking to expand and new businesses interested in locating in the Roanoke Valley. The most recent example is Optima Health which located their Regional Headquarters in Downtown Roanoke at the corner of Williamson Road and Campbell Avenue," according to Musselwhite.
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.
>> 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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