Vacancy rate dips from last year
The Daily Times-Call
LONGMONT ó The Longmont Area Economic Councilís quarterly update shows that the local commercial vacancy rate dropped slightly during the first quarter of this year.
The commercial vacancy rate was 22.4 percent, or 2.36 million square feet, at the end of the March.
That compares with a rate of 23.7 percent, or 2.48 million square feet, at the end of the first quarter last year.
The amount of absorption in the first quarter ó space taken off the market because of occupation ó was nearly double what it was for the first quarter of 2003.
Still, based on the annual rate of absorption tracked by the LAEC from 1992 to 2003, it will take more than five years to fill the current available space.
Also according to the quarterly report, which was presented this week at the LAECís monthly board meeting, there has been a net gain of 67 jobs in 2004 in the LAECís coverage area, which is geographically equivalent to that of the St. Vrain Valley School District.