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 …

As Class A Apartment Sales Abate, Class B and C Sales Pick Up

In what might be the twilight of the Fannie Mae and Freddie Mac years, investors in Kansas City’s apartment market have fully capitalized on the continued availability of cheap debt and a slowly improving economy. As reminders of the 2008–2010 economic downturn, bank-owned properties are still being sold, but the bulk of REO sales have already occurred. Additionally, local job creation surged in the past three months, buoying investors’ confidence. As a result, sales of …

Mixed-Use, Build-to-Suit Office Developments Add Sizzle to Steak in KC

Kansas City is best known for its beer, barbecue and jazz, and an economy inextricably linked to railroads and cattle. It’s not unusual for an Easterner flying over Kansas City on his way to Los Angeles to remark, “I hear I can get a great steak down there.” You can indeed find a great steak down here, but most importantly the economy is more about the steak than the sizzle. The truth is that the local economy is so broad-based that it is difficult to define. Kansas …

Steady recovery is showing in all sectors.

The commercial real estate market in Wichita stabilized in the second half of 2010 and has started seeing slow, but steady, improvement during the first four months of 2011. The majority of the activity has been on the leasing side of the business, with limited sales activity. Market conditions still favor tenants but are starting to move back to a more balanced position, giving landlords more leverage in their negotiations. Development activity has been minimal the past two years, but the …

Small market fueled by leases.

While the Wichita industrial market may lack the size of its neighbor to the east — Kansas City — it still has a strong and relatively stable presence. Wichita is driven by the aviation industry, and several major aircraft manufacturers and suppliers call the city home. Overall, Wichita has traditionally been an owner-use market with some leasing from larger national companies. With the credit markets dried up and a construction pipeline that has never been that large to begin with, …

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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