New Laramie County Economic Report | Business

0








Frontier Mall photo

Frontier Mall in Cheyenne




The Wyoming Center for Business and Economic Analysis has released a report showing economic activity in Laramie County during the third Quarter.  Here are excerpts:

Third Quarter Commercial Property Report

By the end of the third quarter of 2022, there were 73 active properties on the local commercial real estate market, a 5.8 percent increase from the second quarter of 2022 and an 18.9 percent decrease from one year ago. During the quarter, the number of office spaces increased, the number of retail spaces increased, and the number of warehouse spaces increased. The number of office spaces increased from 25 to 26, the number of retail spaces increased from 34 to 36, and the number of warehouses increased from 10 to 11.

Retail Opportunities

The number of available retail properties for sale and/or lease increased 5.9 percent (+2 units) over the quarter and the total available square footage decreased 5.7 percent. The total amount of vacant retail space ended the quarter at 234,466 sf, decreasing from 248,521 sf at the end of the second quarter of 2022. Vacancy in the Frontier Mall decreased from 21.3 percent during the second quarter of 2022 to 20.5 percent in the third quarter of 2022. There were 15 vacancies, including the Dillard’s West location and Frontier Nine Theatres which are listed separately based on their size. The Holiday Home Plaza on Nationway had 0 vacancies. The Cheyenne Shopping Plaza on east Lincolnway has a temporary store, Spirit Halloween, occupying one of their larger spaces. Other shopping centers saw few or no changes in vacancies.

Office Opportunities

The number of available office properties increased 4 percent (+1 unit) over the quarter and the total square footage increased 23.4 percent over the quarter. Total vacant office space by the quarter’s end increased to 204,371 sf from 165,624 sf in the second quarter of 2022. The increase is due to a large office space(over 40,000 sf), coming back onto the market.

Warehouse Opportunities

From the second quarter of 2022 to the third quarter of 2022, the number of available warehousing units for sale and/or lease increased 10 percent (+1 unit) and the total available square footage decreased 31.8 percent. The average lease rate held constant at $12.00/sf at the end of the third quarter. Total vacant square footage ended the quarter at 172,300 sf, down from 252,781 sf at the end of the second quarter of 2022. The sharp decline is due to a large warehouse in Pine Bluffs leaving the market.

Medical Office Opportunities

The number of medical spaces available for sale or lease during the third quarter of 2022 decreased from 3 to 2.





Source link

Leave A Reply

Your email address will not be published.