What area is your expertise? Office market in the Kansas City metropolitan area. What trends do you see presently in office development in your area? Little new development. Some mixed-use projects in the works. Who are the active office developers in your area? Local developers. Please name one or two significant office developments in your area. What impact will these projects have on the market? Park Place – Mixed-use suburban office project including retail, residential, office and hotels. Located in suburban Kansas City (Leawood, Kan.) Plaza West – mixed-use office, retail, hotel project on Country Club Plaza. Will be corporate headquarters for local advertising firm Bernstein Rein. Where is the majority of development taking place? Why is this area doing well? Suburban Kansas City What area do you expect to be the next big development market? Why? Suburban Kansas City What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? Suburban Kansas City and Country Club Plaza do well. Downtown Kansas City has struggled but with a new entertainment district along with opening of Sprint Center, it is poised to take off. Please give a measure of office vacancy rates. Please give a …
Missouri
What area is your expertise? • I am an associate partner with Hendricks & Partners and a veteran real estate advisor in the Kansas City and Midwest region. After completing my graduate degree in urban planning and working as a city planner, I joined the multifamily housing industry in brokerage. Over the last twenty years, I have connected the buyers and sellers of some of Kansas City’s highest profile apartment communities and condo conversions. The Kansas City metropolitan area straddles the border between Missouri and Kansas encompassing a 15-county Metropolitan Statistical Area, anchored by Kansas City, Missouri and Overland Park (Johnson County) Kansas. It is the 27th largest metropolitan area in the United States with an estimated population of 2.1 million. What trends do you see presently in multifamily development in your area? The Kansas City apartment market begins 2008 in relative market equilibrium with sound market economic fundamentals and supply in check. The downtown urban living trend gained significant momentum in 2007 with the opening of the Sprint Arena and the Power & Light District, a dynamic nine-city block mixed-use retail, entertainment, office, and loft district. In 2007, downtown had an estimated population of 17,000 people, which is up …
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