Kansas City Market Reports

Kansas City Industrial Market

     Average Asking Rent (Price/SF)$4.70
     Vacancy Rate (%)6.10%
     Net Absorption (SF)1,221,948  

The Kansas City industrial market continued its strong growth into the second quarter of 2017, as 1.2 million square feet of net absorption was posted. The market has experienced over 1.4 million square feet in average quarterly net absorption during the past three years. Average quoted rents decreased from $4.76/SF to $4.70/SF. A total of 1.8 million square feet of space delivered to the market during the quarter, while projects under construction remained significant, with 6.4 million square feet of product planned for delivery. Overall vacancy increased 20 basis points from the prior quarter to 6.1%.

Download the 2Q 2017 Industrial Report

 

Kansas City Office Market

     Average Asking Rent (Price/SF)$19.21
     Vacancy Rate (%)10.50%
     Net Absorption (SF)633,834    

The Kansas City office market realized its 15th consecutive quarter of increased asking rental rates in the second quarter of 2017, while vacancy decreased 190 basis points over the past year, from 12.4% to 10.5%. Total net absorption in the first quarter measured 633,834 square feet, as projects under construction decreased to 210,000 square feet.

Download the 2Q 2017 Office Report

 

Kansas City Retail Market

     Average Asking Rent (Price/SF)$13.22
     Vacancy Rate (%)6.10%
     Net Absorption (SF)-10,206    

The overall Kansas City market has tightened over the past year, realizing a 60-basis-point drop in vacancy. Demonstrating the strength of the local retail market, over 2.0 million square feet of net absorption occurred during the past four quarters, with over 3.0 million square feet absorbed over the past two years. The average quoted rental rate measured $13.22/SF, up $0.77/SF from the prior year. Although the market is showing positive indicators, including decreasing vacancy rates, substantial net absorption and increasing rental rates during the past year, the metropolitan Kansas City retail market slowed during the spring shopping season.

Download the Summer Retail Report