Area’s office vacancy rate remains flat, report says

07/01/2014 9:36 AM

07/01/2014 9:37 AM

There was little change in the Wichita area’s office vacancy rate in the past year, according to data released Tuesday by Reis Inc., a New York-based commercial real estate analysis firm.

In the second quarter, the area’s vacancy rate was 17.3 percent, a 0.2 percent decline from the same quarter a year ago, Reis said.

In the same period, the area’s office rent remained relatively unchanged. Reis said the average effective rent was $11.07 per square foot, a 0.2 percent increase from the second quarter of 2013. Reis said effective rent takes into account concessions and other incentives offered by landlords.

Regionally, the Kansas City area saw a 1 percent decline in office vacancies during the same period, with a vacancy rate at 16.5 percent, while the Oklahoma City area saw a 0.4 percent increase to 17.1 percent, Reis said.

Reis said the District of Columbia had the lowest second quarter 2014 vacancy rate in the nation, at 9.6 percent. Dayton, Ohio, had the highest vacancy rate – 26.8 percent – in the quarter.

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