Stirling Properties is pleased to present the 2017 year-end Mobile Office Market Survey. This report, compiled by Jack Conger and Jill Meeks, Sales & Leasing Executives in our Mobile office, is intended to track average rental rates, occupancy rates, and average absorption rates for West Mobile and the downtown Central Business District (CBD) on office buildings greater than 20,000 square feet. It was created to be a resource for agents, as well as tenants, landlords, developers, lenders, fellow brokers and anyone else looking for information about the Mobile office market.
All information provided in this report would not be possible without the cooperation of our staff and colleagues and we would like to thank all of those who contributed.
Here’s an excerpt from the Mobile Office Market Survey:
The last two quarters of 2017 saw an increase in investment activity in the area with many notable transactions, redevelopments and sales.
In leasing news, Armbrecht Jackson, LLP has subleased a portion of the Regions Bank space at RSA Battle House Tower and will be vacating the top two floors of Riverview Plaza. The CBD occupancy rates had a slight increase from 68.3% to 70.2%, average rental rate of $17.28, and an absorption rate of .25%.
There were also many exciting economic announcements for Mobile, such as the partnership of Airbus and Bombardier that could bring a second aircraft assembly line to the market, and the decision of steelmaker SSAB Americas to move the headquarters of its American division from Chicago to Mobile. Rest assured, there are more to follow in the coming months and years!