NAI Isaac Releases Lexington, KY CRE 2017 Mid-Year Market Report


The Lexington commercial real estate market was mostly positive during the 1st and 2nd quarters of 2017 with an impressive vacancy decrease in the Industrial market which already had a low vacancy rate at yearend 2016.  Low Industrial vacancy is a nationwide trend that is likely tied to the growth of internet shopping and the need for more warehouses closer to various customer markets for companies selling products. There was a smaller decrease in vacancy within the Retail sector that also had a low vacancy rate at yearend 2016. Fluctuations within Suburban Office and CBD Office sectors demand and higher vacancy rates despite the lack of speculative construction continue to indicate those sectors are still "right-sizing" with companies moving to more open floor plans with less square footage per employee. Further impacting the office market is an increase in office tenants seeking non-traditional office space, particularly in the tech and marketing segment.

Market rental rates for all commercial sectors have remained stable over the past 6 months and are expected to remain stable through yearend 2017 with the likelihood of Industrial rent increasing and the possibility of Retail rent increasing.  


-Al Isaac, President

CLICK TO VIEW MARKET REPORT


Comments

Post a Comment

Popular posts from this blog

Wingstop Joining Tates Creek Centre!

Image
Lexington, KY -  NAI Isaac, a full-service commercial real estate brokerage and property management firm, facilitated the lease of Wingspot at Tates Creek Shopping Centre - 4101 Tates Creek Centre Drive, Lexington, Kentucky. This makes one of the first Wingstop locations in the Lexington market! Paul Ray Smith, Jr., Executive Vice President, J.L. Cannady, Vice President, and Zach Smith, Senior Associate, at NAI Isaac, represented the Landlord. Casey Smallwood of SRS Real Estate Partners represented the Tenant.  Tates Creek Shopping Centre  is a 196,028 SF Kroger-anchored center, well-positioned within a highly desirable trade area with strong residential support and a quality tenant mix of retail, restaurant, and service tenants. Some of those tenants include Walgreen's, Proof Fitness, Pet Supplies Plus, and Kroger Fuel, Wine & Spirits, Drive-thru Pharmacy and ClickList. Wingstop  is a fast-casual restaurant chain specializing in chi...
Read more

NAI Isaac Announces the Sale of Whitesburg Plaza!

Image
  Whitesburg, KY  - NAI Isaac announces the sale of  Whitesburg Plaza on State Highway 2034 in Whitesburg, Kentucky.   Bruce Isaac, SIOR, CCIM, Senior Vice President, at NAI Isaac, represented the Seller. The Buyer was represented by Stan Falk with Lee and Associates Cincinnati.  Whitesburg Plaza  is a 111,122 SF community shopping center which serves the trade area of Letcher County. The center is anchored by Walmart and Price Less Foods. Other tenants include Auto Zone, Cricket Wireless, Rent-A-Center, Little Caesars, H & R Block, Members Choice Credit Union, Reflections Hair Salon, Jumbo House Chinese Restaurant, TVs Cable, and Appalachian Wireless. 
Read more

NAI Isaac Welcomes Naz's Halal Food to HUB Limestone in Lexington, Kentucky

Image
  Lexington, KY -  NAI Isaac, a full-service commercial real estate brokerage and property management firm, facilitates the lease to Naz's Halal Food at  685 South Limestone, Lexington , KY. John P. Miller, Assistant Vice President, and Zach Smith, CCIM, Senior Associate, at NAI Isaac, represented the Landlord. Naz's Halal Food  was founded in 2009 by cousins Naz and Kareem, both former public school teachers, with a passion for bringing authentic NYC halal food to communities. What began as a dream to offer great halal food quickly evolved into a family-driven journey that now boasts over 40 locations across the country. Each Naz's Halal Food store is locally owned and operated by families from the community, creating a personal connection with the neighborhoods they serve. The menu at Naz’s Halal includes a wide variety of dishes, such as chicken or lamb over rice, gyros, burgers, wings, and a selection of diverse desserts, offering something for everyone. Now...
Read more