REBusinessOnline

Increased Development Brings New Life to Wichita’s Core

Like many U.S. cities, Wichita’s downtown has experienced an unprecedented revitalization in recent years, with new development and the reimagining of older structures. Growth in the core is not slowing anytime soon if current projects under construction or on the drawing board are any indication. A number of projects, revolving around a new baseball stadium, are poised to inject new life into the historic Delano District. Plans for a new performing arts center are under discussion, and …

Momentum Grows in Topeka Via Holistic Economic Development Plan

A renaissance is underway in Topeka, Kansas, with undeniable momentum as new commercial, industrial and residential developments emerge citywide. The year 2015 was pivotal with a $9.4 million public-private investment in infrastructure and amenities along Kansas Avenue downtown. Local investors have purchased more than 25 buildings on the avenue for gradual restoration into thriving businesses like Iron Rail Brewing, The Pennant, Cyrus Hotel and Kansas Avenue Lofts. [caption …

Mixed-Use Makes its Mark on Kansas City Neighborhoods

Many of us remember a time when a great new job was measured primarily by the paycheck and the size of the office. How times have changed. And nothing illustrates that better than the favor of mixed-use developments. As the workforce demographic has evolved, so have the amenities that attract top talent. Smart companies know that creating an appealing environment for the best candidates means access to food options, walking distance to shopping and retail choices, and close proximity to …

Johnson County, Kansas: A Midwest Hub for Industry and Innovation

Once referred to by developers as a “well-kept secret,” the Kansas City metro area is quickly developing a global reputation for skilled workforce, strong infrastructure, affordable housing and competitive overhead costs like transportation and utilities.  “Kansas City is a region rising. We are dispelling the notion that Kansas City is a well-kept secret,” says Tim Cowden, president and CEO of Kansas City Area Development Council. “There is growing recognition among site locators …

Office Sharing Is on the Rise in Overland Park, Kansas

For those of you not familiar with Overland Park, Kansas, and its progressive office market, below are a few key points to help illustrate the relative size and economic strength of one of Kansas City’s most dynamic suburbs. • Incorporated in 1960, Overland Park is the second-most populous city in Kansas. • As of 2017, the unemployment rate was 3.1 percent. • It contains 17 percent +/- of metro Kansas City’s total office inventory. • $69,888 per capita income in …

Led by Aerospace, Wichita’s Industrial Market Shows No Signs of Slowing Down

The industrial sector remains the prime beneficiary of the numerous technological shifts occurring throughout the economy. E-commerce continues to fuel demand for distribution and warehouse space in the national industrial sector. The Wichita market remains focused on the aerospace cluster, advanced manufacturing and the growing advanced materials sector to sustain and grow the industrial segment. [caption id="attachment_202256" align="alignright" width="100"] Glenn Cox, NAI …

National Retail Tenants Enter, Expand Into Kansas City Market

The greater Kansas City area retail market remains solid as a rock, despite CoStar Group’s mid-year report showing a slight decline in the average asking rental rate and a slight increase in vacancy. The retail vacancy rate in the second quarter of 2017 stood at 5.7 percent, up slightly from the previous quarter’s 5.5 percent. The average asking rental rate for retail is $13.05 per square foot, down from $13.07 in the previous quarter. Local, regional and national restaurant chains …

Myriad Factors Help Explain Why Kansas City Office Market Has Not Reached Full Altitude

The Kansas City office market is poised for increasing rental rates and decreasing vacancy rates for the remainder of 2017 and into 2018. Kansas City has realized its 14th consecutive quarter of increased rental rates (through March 2017), while vacancy has decreased in the overall metro area due to lack of new office construction and a steady pace of absorption. Several factors contribute to the complexity of why the market is good but not great, steady but not dynamic, with no one factor …

A Growing Number of National Retailers Have Wichita on Their Radar Screen

The pace of retail construction remains brisk in Wichita with national retailers showing an increased interest in the market. In the first quarter, developers started construction on nine buildings totaling 112,961 square feet, reports brokerage firm NAI Martens. Completions during the first quarter totaled 117,300 square feet. Notable store openings included Sprouts Farmers Market at Central Avenue and Rock Road; Save-A-Lot grocery store at 1640 S. Broadway; Cavender’s western wear store …

Industrial Developers Shift into High Gear in Metro Kansas City

Kansas City’s industrial market is experiencing an incredible construction boom that is both market-driven and not limited to just one area or particular deal. In the past two years, multiple, diverse industries and tenant categories have shown interest in a variety of options around the area. The buildings going up and the tenants filling them cannot be pigeonholed into any single, narrow category. It’s encouraging that the entire market is doing well, not just one particular segment or …

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