A semi-annual analysis of Lexington's commercial real estate, released Wednesday, showed mixed results as the city continues to cope with the weak economy.
NAI Isaac Commercial Properties' market report showed that vacancy rates climbed for industrial and downtown office space but declined for suburban office space and retail establishments.
"It mirrors the economic recovery," said NAI president Al Isaac. "There are certain reports that come out that are positive and some that aren't so positive.
"I think that's reflected in our market."
Never miss a local story.
The biggest jump in vacancy rates came in industrial space, which climbed from 14.4 percent at the beginning of the year to 16.4 percent at the end of June.
"The industrial market is such a hard read," Isaac said. "It's accurate and it's true, but it doesn't really reflect the smaller industrial market, which doesn't have as much vacancy."
The biggest drop in vacancy rates was in suburban office space, which fell from 17 percent at the beginning of the year to 14.2 percent.
"It may reflect a burgeoning — burgeoning may be the wrong word — but at least a somewhat growing recovery and a better confidence factor," Isaac said.
Available retail space continued to decline, showing Lexington has not "lost any ground there from the momentum that we had in the last report," he noted.
Isaac said the lack of new construction around the city has helped all categories.
"That's a big benefit to allow the market to catch up and let the economy start to work the kinks out," he said.
Just when that will be isn't certain, of course.
"I don't think anybody thinks it's going to be a straight ride up," Isaac said. "It's good and then a little soft and back and forth."