The Wyoming Center for Business and Economic Analysis has released its report for the fourth quarter of 2022. The report shows an increase in commercial vacancies in Laramie County.
Fourth Quarter Commercial Property Report
By the end of the fourth quarter of 2022, there were 82 active properties on the local commercial real estate market, a 12.3 percent increase from the third quarter of 2022 and a 1.2 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 26 to 28, the number of retail spaces increased from 36 to 40, and the number of warehouses increased from 11 to 14.
Retail Opportunities
The number of available retail properties for sale and/or lease increased 11.1 percent (+4 units) over the quarter and the total available square footage increased 22.8 percent. The total amount of vacant retail space ended the quarter at 287,955 sf, increasing from 234,466 sf at the end of the third quarter of 2022. Vacancy in the Frontier Mall increased from 20.5 percent during the third quarter of 2022 to 21.0 percent in the fourth quarter of 2022. There were 15 vacancies, including the Dillard’s West location and Frontier Nine Theaters which are listed separately based on their size. The Holiday Home Plaza on Nationway had just one vacancy. The Cheyenne Shopping Plaza on east Lincolnway had a large space rejoining the market. Other shopping centers saw no changes in vacancies.
Office Opportunities
The number of available office properties increased 7.7 percent (+2 units) over the quarter and the total square footage decreased 1.7 percent over the quarter. Total vacant office space by the quarter’s end decreased to 200,992 sf from 204,371 sf in the third quarter of 2022.
Warehouse Opportunities
From the third quarter of 2022 to the fourth quarter of 2022, the number of available warehousing units for sale and/or lease increased 27.2 percent (+3 units) and the total available square footage increased 90.6 percent. The average lease rate dropped to $8.71/sf at the end of the fourth quarter. Total vacant square footage ended the quarter at 328,371 sf, up from 172,300 sf at the end of the third quarter of 2022. The sharp increase is largely due to a large warehouse in Pine Bluffs joining the market.
Medical Office Opportunities
The number of medical spaces available for sale or lease during the fourth quarter of 2022 decreased from 2 to 0. However, some office spaces could be converted for medical office use.
