Insights from Cushman & Wakefield | Sage Partners’ Q3 Report
Cushman & Wakefield | Sage Partners shared key market insights in its latest quarterly report. Here are a few highlights on Northwest Arkansas’ economy at the end of Q3.
- In late September it was announced that Mercy, the Alice Walton Foundation, and the Heartland Whole Health Institute will partake in a 30-year, $700 million partnership. This affiliation aims to expand access to healthcare, reduce costs, and improve health outcomes in Northwest Arkansas and across the heartland region.
- Rental rates in the region have seen modest increases due to ongoing demand, particularly in Fayetteville, Bentonville, and Rogers, where new developments are attracting tenants wanting to expand into the market. There continues to be a “flight to quality” across all asset classes.
- Bentonville recently gained attention from Blackstone COO Jon Gray as he says it is a “place to add to the bucket list” in a video he posted to LinkedIn.
- Fayetteville City Council approves a major rezoning proposal for the 71B corridor, a six-year plan aimed at transforming College Avenue. The plan introduces a new zoning district called “Urban Corridor,” which is designed to promote mixed-use development and increase the housing density along the road once known as U.S. 71 Business.
- The city of Rogers has adopted a new form-based zoning code. This has taken the city from 66 to 11 zones, promoting a more pedestrian-friendly environment, encouraging mixed-use developments, and enhancing the overall aesthetic of the city.
- Crossland Construction broke ground on the XNA Connector project in April. The four-lane, 4-mile interstate will link the Northwest Arkansas National Airport to the Springdale Bypass. The construction of 11 bridges, an interchange, and a tie-in to Highway 264 are planned to be completed summer of 2027.
- New city construction is taking place on Dickson Street across from the proposed Tempo & Motto hotel which Cushman & Wakefield | Sage Partners brokered in Q2. The city’s development is known as Civic Plaza and consists of “a gathering and event lawn, public plaza, garden spaces, and a civic promenade”, according to the City of Fayetteville.
- The Fall Semester of 2024 announced another year of record-breaking enrollment at the University of Arkansas with 33,610 students, up 4.6% from the previous year.
