Kansas City Industrial Market
|Average Asking Rent (Price/SF)||$4.82|
|Vacancy Rate (%)||5.0%|
|Net Absorption (SF)||1,418,874|
The Kansas City industrial market continued to tighten in the fourth quarter of 2018, as 1.4 million square feet of net absorption was posted. Average quoted rents decreased from $4.83/SF to $4.82/SF. A total of 646,392 square feet of space was delivered to the market during the quarter, while projects under construction decreased slightly, from 3.5 million square feet to 3.4 million square feet. Overall vacancy decreased 30 basis points, from 5.3% in the prior quarter to 5.0%.
Kansas City Office Market
|Average Asking Rent (Price/SF)||$20.47|
|Vacancy Rate (%)||9.0%|
|Net Absorption (SF)||151,258|
The Kansas City office market realized its 21st consecutive quarter of increased asking rental rates in the fourth quarter of 2018, while vacancy remained flat over the past year at 9.0%. Total net absorption in the fourth quarter measured 151,258 square feet, bringing the total for the past four quarters to 282,190 square feet. Construction projects currently underway total 280,000 square feet. No projects delivered to the market during the quarter.
Kansas City Retail Market
|Average Asking Rent (Price/SF)||$13.26|
|Vacancy Rate (%)||5.4%|
|Net Absorption (SF)||5,390|
The overall Kansas City retail market loosened year-over-year in the fourth quarter of 2018, realizing a 10-basis-point increase in vacancy. Net absorption totaled 585,398 square feet for the past four quarters and more than 2.2 million square feet for the past two years, indicating a sound market. The average quoted rental rate measured $13.26/SF, up $0.10/SF from one year ago.