Kansas City Industrial Market
|Average Asking Rent (Price/SF)||$4.89|
|Vacancy Rate (%)||6.0%|
|Net Absorption (SF)||928,300|
The Kansas City industrial market continued to expand in the first quarter of 2018, as 928,300 square feet of net absorption was posted. Average quoted rents increased from $4.75/SF to $4.89/SF. A total of 2.2 million square feet of space was delivered to the market during the quarter, while projects under construction fell to 2.4 million square feet, the lowest level in nearly four years. With 1.7 million square feet of space coming to the market unoccupied, overall vacancy increased 40 basis points, from 5.6% in the prior quarter to 6.0%.
Kansas City Office Market
|Average Asking Rent (Price/SF)||$19.74|
|Vacancy Rate (%)||9.9%|
|Net Absorption (SF)||94,366|
The Kansas City office market realized its 18th consecutive quarter of increased asking rental rates in the first quarter of 2018, while vacancy decreased 110 basis points over the past year, from 11.0% to 9.9%. Total net absorption in the first quarter measured 94,366 square feet, bringing the past four quarters’ total to 925,241 square feet. Current projects under construction remained flat at 137,985 square feet during the quarter, as no projects delivered to the market.
Kansas City Retail Market
|Average Asking Rent (Price/SF)||$13.46|
|Vacancy Rate (%)||5.3%|
|Net Absorption (SF)||179,862|
The overall Kansas City retail market tightened year-over-year in the first quarter of 2018, realizing a 30-basis-point decrease in vacancy. Net absorption totaled 1.1 million square feet for the past four quarters and more than 3.9 million square feet for the past two years, indicating a sound market. The average quoted rental rate measured $13.46/SF, up $0.30/SF from one year ago.