Memphis, TN, November 24, 2016 --(PR.com
)-- "The two sectors of Commercial Real Estate that most of us come into contact with each day are Retail and Office. These are the areas that we will release statistics on," said Sam Mitchell, Managing Director of Keller Williams Commercial Division in Memphis. "The amount of retail space available continued to decline in Memphis and adjoining counties. Vacancy rates continue to be below 12%, which is a 5 year low, with an average per square foot lease rate of $9.00. Collierville's leasing activity is the highest it has been in 5 years." Mitchell also added, "The third quarter was the best of the year for the office market. Average lease rate is over $18.00 psf. With overall vacancy rate of a little over 14%. The positive net absorption was over 55,000 square feet in the third quarter as compared to a negative absorption of $81,000 square feet in the second quarter of this year."
Cindy Ward, CEO of Keller Williams Realty Memphis said "Sam Mitchell is on his game when it comes to the knowledge of the Commercial Real Estate sector. His experience and tenacity are a huge part of his success."
If you would like more information about Keller Williams, or real estate in general, please contact Cindy Ward or Melissa Barre at 901-261-7900