Latest news with #Cooperstein
Axios
09-04-2025
- Business
- Axios
NWA's commercial real estate is "balanced," report finds
More than 2.1 million square feet of commercial real estate opened in Northwest Arkansas during the second half of 2023, but the overall vacancy rate dropped to slightly to 5.8%, according to the biannual commercial Arvest Skyline Report released Tuesday. Why it matters: Commercial property is an indicator of an area's economic vitality. Vacancy rates in the single digits are generally good for developers but can drive up rent and make desirable space harder to find. The latest numbers in the report show the market remains "balanced and healthy." By the numbers: The 5.8% rate combines all commercial real estate — from class A office space to warehouse — and is down from 6.4% half-way through 2024. The area's three largest submarkets closed the year with office space dropping from a 7.5% vacancy rate to 6.3%; warehouse from 8% to 7.6%; and retail from 6.2% to 4.9%. The big picture: Nationwide, vacancies hit a new high in 2024, with 20.4% of office space in the country's top 50 metro areas empty, per a Moody's analysis. Flashback: There was almost no available warehouse space to lease in late 2022 as contractors snapped it up to stage construction materials for the Walmart Home Office. "There was clearly demand for various types of … the big warehouse space, and also the flex warehouse space," Jeff Cooperstein, researcher with the Center for Business and Economic Research at the University of Arkansas, told Axios. "And we're seeing it get built, which is good, and then it's getting absorbed … at a good speed, I'd say." Reality check: Medical office space remains tight, with a 1.9% vacancy rate. Yes, but: Medical office space is somewhat dependent upon larger institutions being completed — such as the Heartland Whole Health Institute and Alice L. Walton School of Medicine. Adjacent office space likely won't be built until the full scope of the needs are understood, Cooperstein said. Fun fact: Hotels aren't considered leasable commercial space but are included in building permit data. There were 1,190 new hotel rooms in 10 new properties under construction at the end of 2024, almost doubling the number of NWA rooms over the past 15 years. The total number of rooms now stands at about 9,300.
Yahoo
06-03-2025
- Business
- Yahoo
US tariffs could have ripple effects for local restaurants
FAYETTEVILLE, Ark. (KNWA/KFTA) — Though President Donald Trump delayed automotive industry tariffs on Mexican and Canadian imports by one month, 25% taxes on all other goods coming into the United States may affect restaurants in Northwest Arkansas and the River Valley. Restaurants are among the biggest industries that could be affected by the tariffs. Avocados, berries, tomatoes, bell peppers, sugar snap peas and tequila, all key imports from Mexico, could be affected along with canola oil from Canada, according to Jeff Cooperstein, a senior research associate at the Center for Business & Economic Research at the University of Arkansas' Sam M. Walton College of Business. If these tariffs remain in effect — which Cooperstein said is hard to forecast — he said prices for both businesses and customers would likely increase. Trump announces 1-month delay on Canada, Mexico tariffs for automakers 'Restaurant profit margins are pretty low,' Cooperstein said. 'I think it's very unrealistic to assume that restaurant owners are going to be able to internalize that entire tax themselves. They're going to pass on at least a percentage of the tariff increase to their consumers.' One restaurant that may feel the brunt of these tariffs is Sabor Guacamole, located at 1120 N. Lindell Ave. in Fayetteville, as a decent number of appetizers and entrees include the use of avocados. Yair Cordero, the son of owners Jorge Cordero and Cristina Vargas, said the cost of a case of about 25 avocados fluctuates regularly. 'I know that the lowest we've had them was like $45,' Yair Cordero said. 'The highest we've had them was about $70 per case.' Yair Cordero said between the name, logos and reputation of the restaurant, he knows customers are likely going to order guacamole, an avocado-based dip. However, if prices continue to rise as a result of the tariffs in place, Yair Cordero said the business will have to balance how many avocados it orders each time. 'I'd say, if it were to happen, worst-case scenario we run out of avocados,' Yair Cordero said. 'I'll worry about having to change the name (of the restaurant).' Cooperstein said the construction industry in Arkansas could be impacted if the tariffs stay in place due to the reliance on Canadian lumber. He said the Natural State's aircraft, arms and pipe manufacturing production could be impacted if the price to get steel and aluminum from Mexico also continues to increase. Cooperstein said 'consumer power' holds weight in economics, so if the prices of goods are too high, he suggests avoiding buying them. He also suggests calling attention to the high prices at the stores selling those products. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
