By the end of the fourth quarter of 2021, there were 88 active properties on the local commercial real estate market, a 8.3 percent decrease from the third quarter of 2021 and a 22.1 percent decrease from one year ago. During the quarter, the number of office spaces increased, the number of retail spaces decreased, and the number of warehouse spaces stayed constant. The number of office spaces increased from 31 to 32, the number of retail spaces decreased from 38 to 30, and the number of warehouses stayed constant at 21.
The number of available retail properties for sale and/or lease decreased 21.1 percent (-8 units) over the quarter and the total available square footage decreased 15.3 percent. The total amount of vacant retail space ended the quarter at 303,918 sf, decreasing from 358,900 sf at the end of the third quarter of 2021. Vacancy in the Frontier Mall decreased from 23.0 percent during the third quarter of 2021 to 19.7 percent in the fourth quarter of 2021. There were 12 vacancies, including the Dillard’s West location and Frontier Nine Theatres which are listed separately based on their size. Vacancy at the Cheyenne Shopping Plaza increased due to temporary use of one space as a Spirit Halloween ending in November. Other shopping centers saw few or no changes in vacancies.
The number of available office properties increased 3.2 percent (+1 unit) over the quarter and the total square footage decreased 20.5 percent over the quarter. Total vacant office space by the quarter’s end had decreased to 182,278 sf from 229,380 sf in the third quarter of 2021. The Hynds building(43,000 sf) went under contract during the quarter, leading to the downturn in square footage despite an increase in spaces available.
From the third quarter of 2021 to the fourth quarter of 2021, the number of available warehousing units for sale and/or lease stayed constant and the total available square footage 17.5 percent. The average lease rate increased from $8.82/sf to $10.92/sf at the end of the fourth quarter. Total vacant square footage ended the quarter at 532,031 sf as compared to 452,740 sf at the end of the third quarter of 2021. The sharp increase is due to multiple bays at the Wyott building being listed for leasing.
Medical Office Opportunities
The number of medical spaces available for sale or lease during the fourth quarter of 2021 decreased from 6 to 5.