Insights
Arkansas
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VACANCY
Apartment
The average Vacancy Rate was 5.1% in the Little Rock metro
- The Little Rock metro had the ninth lowest vacancy in the nation and the eighth lowest in the Southwest.
- Vacancy in the Little Rock metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2023 at 5.3% in the Little Rock metro.
Distribution / Warehousing
The average Vacancy Rate was 3.2% in the Little Rock metro
- Vacancy in the Little Rock metro increased by 50 basis points.
- Vacancy is expected to finish 2023 at 3.1% in the Little Rock metro.
Office
The average Vacancy Rate was 14.3% in the Little Rock metro
- The Little Rock metro had the second lowest vacancy in the nation, behind only New York Metro.
- Vacancy in the Little Rock metro drifted upward by 40 basis points.
- The Little Rock metro had the highest vacancy level since year-end 2011.
Retail
The average Vacancy Rate was 12.1% in the Little Rock metro
- No vacancy change since Q1 2023 in the Little Rock metro.
- The Little Rock metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 12.2% in the Little Rock metro.
RENT
Apartment
The average Asking Rent was $927 in the Little Rock metro
- Rent in the Little Rock metro was up 0.2% from Q1 2023.
- Rent is expected to finish 2023 at $933 in the Little Rock metro.
Distribution / Warehousing
The average Asking Rent was $5.50 in the Little Rock metro
- Rent in the Little Rock metro was up 1.7% from Q1 2023.
- Little Rock metro had its fastest rent rate of increase in seven quarters.
- Rent Has risen for ten consecutive quarters in the Little Rock metro.
Office
The average Asking Rent was $17.17 in the Little Rock metro
- Rent in the Little Rock metro was down 0.6% from Q1 2023.
- Rent is expected to finish 2023 at $17.26 in the Little Rock metro.
Retail
The average Asking Rent was $12.81 in the Little Rock metro
- Rent in the Little Rock metro was up 0.5% from Q1 2023.
- Rent is expected to finish 2023 at $12.82 in the Little Rock metro.
VACANCY
Apartment
The average Vacancy Rate was 4.1% in the Memphis metro
- Vacancy in the Memphis metro drifted downward by 10 basis points.
- The Memphis metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 4.3% in the Memphis metro.
Distribution / Warehousing
The average Vacancy Rate was 5.7% in the Memphis metro
- Vacancy in the Memphis metro rose by 150 basis points.
- Vacancy is expected to finish 2023 at 6.0% in the Memphis metro.
Flex / R&D
The average Vacancy Rate was 6.0% in the Memphis metro
- Vacancy in the Memphis metro fell by 60 basis points.
- The Memphis metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2023 at 6.0% in the Memphis metro.
Office
The average Vacancy Rate was 21.7% in the Memphis metro
- Vacancy in the Memphis metro fell by 190 basis points.
- The Memphis metro had the lowest vacancy level since Q1 2010.
- Vacancy is expected to finish 2023 at 22.3% in the Memphis metro.
Retail
The average Vacancy Rate was 12.9% in the Memphis metro
- Vacancy in the Memphis metro drifted upward by 10 basis points.
- The Memphis metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2023 at 12.5% in the Memphis metro.
RENT
Apartment
The average Asking Rent was $1,098 in the Memphis metro
- Rent in the Memphis metro was up 0.9% from Q1 2023.
- Rent is expected to finish 2023 at $1,114 in the Memphis metro.
Distribution / Warehousing
The average Asking Rent was $3.88 in the Memphis metro
- Rent in the Memphis metro was up 1.6% from Q1 2023.
- Rent has risen in every quarter since Q3 2019 in the Memphis metro.
- Rent is expected to finish 2023 at $4.04 in the Memphis metro.
Flex / R&D
The average Asking Rent was $7.02 in the Memphis metro
- Rent in the Memphis metro was up 1.7% from Q1 2023.
- Rent has risen in every quarter since Q1 2020 in the Memphis metro.
- Rent is expected to finish 2023 at $7.25 in the Memphis metro.
Office
The average Asking Rent was $20.92 in the Memphis metro
- The Memphis metro remained flat rent since Q1 2023.
- Rent is expected to finish 2023 at $21.06 in the Memphis metro.
Retail
The average Asking Rent was $14.43 in the Memphis metro
- Rent in the Memphis metro was up 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $14.47 in the Memphis metro.