Arkansas
Some cooling noted in Northwest Arkansas industrial space – Talk Business & Politics
A recent mid-year 2024 industrial property update from Palmer Hays suggests that industrial space is still a growing market in Northwest Arkansas, but recent trends show some cooling.
Hays, an industrial and land specialist with Rogers-based Bennett Commercial Real Estate, notes that construction-related companies are the most active in leasing industrial space in the second quarter of 2024.
“Drywall, plumbing, electrical, audio/visual, smaller trades, you name it … they’re signing leases faster than anyone … they try to keep up with the constant flow of new residents and commercial development projects,” he noted.
He said 51.2% of more than 174,000 square feet of industrial space leases in the second quarter was with construction and real estate tenants.
“I’ve not tracked this stat in the past, but I’d venture to say this [is] higher than average,” he wrote.
Hays’ research indicates that industrial space rent is up 5.9% through the year, lower than the 9.7% rise in 2023 and the 11.1% increase in 2022. He believes rents are trending lower because tenants have “more negotiation power.” Part of that power comes from what Hays suggests is a “hypersupply” of flex space combined with “overzealous asking rents.” The price point fluctuation rarely fails to respond to supply and demand realities.
According to Hays, industrial space vacancy is at 3.7%, up from 2% in 2022 but well below historical averages of 7.5%. However, he thinks the rising vacancy percentage will be a headwind for rent rates.
“I believe rents may become somewhat stagnant for a few years as the existing inventory will take a bit of time to lease up,” Hays noted.
The supply-demand relationship may also be reflected in recent deals. In the past 90 days, industrial space sold had an average per-square-foot value of $111.95, below the $112.83 per square foot in the previous 90-day report.
But on the other hand, as there often is with economic variables, Hays suggests overzealous rents help push prices higher for vacant industrial property.
“End users remain the wild card in the current market, consistently placing the highest bids on vacant properties in recent memory. They recognize the value of controlling their own destiny and prefer to secure their own spaces rather than contend with rising rents,” he said.
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LITTLE ROCK (KATV) — A bee swarm attack in Texas sent three people, including a firefighter, to the hospital this week, while Arkansas medical experts said most bee stings are not dangerous but can become life-threatening in certain cases.
Authorities in San Antonio said the three victims were hospitalized after being swarmed and stung by aggressive bees. Officials have not released details on what triggered the attack or the species involved.
Doctors in Arkansas said the biggest risk from a bee sting is not the sting itself, but a severe allergic reaction known as anaphylaxis.
“The concern when you have a bee sting is if you develop a severe allergic reaction called anaphylaxis,” said Dr. Garrett Lewis, chief medical officer at St. Vincent Infirmary.
Lewis said warning signs include throat swelling, difficulty breathing and feeling faint, which require immediate medical attention.
“If you’re experiencing any throat swelling or severe shortness of breath, you need to seek medical care immediately,” Lewis said.
He added that people who are stung multiple times may also be at risk even without a known allergy, because each sting introduces additional venom into the body.
In the event of a swarm, Lewis said the priority should be escaping the area as quickly as possible and removing any stingers once safe.
“Seek water, seek indoor,” Lewis said. “Once you’re away from the swarm, you want to make sure that you are removing any stingers that might still be in your skin.”
Lewis also said symptoms such as dizziness, nausea and widespread hives can indicate a serious reaction.
While the Texas incident resulted in hospitalizations, a recent swarm outside a Little Rock business ended without injuries after bees briefly gathered on a tree limb before being safely removed by a beekeeper.
Lewis said the best prevention is awareness of surroundings and understanding when medical care is needed after a sting.
CORNING, Ark. (KATV) — Regulatory Enforcement Agents with the Department of Finance and Administration, along with local police, seized a significant amount of illegal THC products from Pacific Green in Corning on Tuesday.
According to the DFA, more than a dozen agents joined the City of Corning Police in the day-long operation that resulted in two arrests.
DFA agents seized more than 25 pounds of illegal products consisting of flower, vapes, and edibles.
Owner Ben Bennett and employee Sharia Shipman were arrested and both charged with the following:
- Delivery of a Schedule VI controlled substance (Class D Felony)
- Possession of a Schedule VI controlled substance with the purpose to deliver (Class B Felony)
- Controlled substances – Offenses relating to records, maintaining premises (Class C Felony)
- Possession of drug paraphernalia (Class D Felony)
- Unauthorized use of another person’s property to facilitate certain crimes (Class C Felony)
Bennett’s bond was set at $150,000, while Shipman’s bond was set at $100,000.
“In addition to selling illegal products, investigators confirmed violations involving underage access at this location,” said David Potter, Director of the Regulatory Enforcement Division. “This retailer, which was located within 1,000 feet of a school, presented significant public health and safety concerns. We are proud to partner with the Corning Police Department in addressing these violations. We seized a substantial quantity of illegal products, including flower, vapes, edibles, and other items, during the operation. We appreciate the cooperation of local law enforcement and information received from the community that led to yesterday’s operation and stopped this blatant disregard of the law.”
Note: All suspects accused of a crime are presumed innocent unless proven guilty by a court of law.
The Department of Finance and Administration said Arkansans can use Apple Wallet to present their license or ID in person, online and in apps at select organizations, including at more than 250 Transportation Security
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