Kansas City Commercial

Kansas City, MO Commercial Real Estate Information

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Area Commercial Insight

  • Alex Floyd
    RE/MAX State Line
    The Kansas City retail market experienced a slight decline in market conditions in the fourth quarter 2016. The vacancy rate went from 6.0% in the previous quarter to 6.2% in the current quarter. Net absorption was positive 246,664 square feet, and vacant sublease space increased by 22,222 square feet. Quoted rental rates increased from third quarter 2016 levels, ending at $12.95 per square foot per year. A total of 13 retail buildings with 458,622 square feet of retail space were delivered to the market in the quarter, with 865,115 square feet still under construction at the end of the quarter.

    Average quoted asking rental rates in the Kansas City retail market are up over previous quarter levels, and up from their levels four quarters ago. Quoted rents ended the fourth quarter 2016 at $12.95 per square foot per year. That com- pares to $12.82 per square foot in the third quarter 2016, and $12.58 per square foot at the end of the first quarter 2016. This represents a 1.0% increase in rental rates in the current quarter, and a 2.86% increase from four quarters ago.
  • Alex Floyd
    RE/MAX State Line
    The Kansas City Office market ended the fourth quarter 2016 with a vacancy rate of 9.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 950,046 square feet throughout the quarter.

    Tenants moving out of large blocks of space in 2016 include: Applebee’s Services, Inc. moving out of 121,000 square feet at 8140 Ward Pkwy; Black & Veatch moving out of 100,800 square feet at 6601 College Blvd; and Federal Emergency Management Agency moving out of 77,037 square feet at 9221 Ward Pkwy. Tenants moving into large blocks of space in 2016 include: eScreen, Inc. moving into 75,000 square feet; Citizens of the World KC moving into 38,751 square feet at 3435 Broadway St; and SouthLaw moving into 30,001 square feet at 13160 Foster St.

    The average quoted asking rental rate for available office space, all classes, was $18.53 per square foot per year at the end of the fourth quarter 2016 in the Kansas City market area. This represented a 2.6% increase in quoted rental rates from the end of the third quarter 2016, when rents were reported at $18.06 per square foot. The average quoted rate within the Class-A sector was $21.62 at the end of the fourth quarter 2016, while Class-B rates stood at $17.76, and Class-C rates at $13.96. At the end of the third quarter 2016, Class-A rates were $21.02 per square foot, Class-B rates were $17.52, and Class-C rates were $13.73. The average quoted asking rental rate in Kansas City’s CBD was $18.10 at the end of the fourth quarter 2016, and $18.66 in the suburban markets. In the third quarter 2016, quoted rates were $17.62 in the CBD and $18.20 in the suburbs.
  • Alex Floyd
    RE/MAX State Line
    Kansas City's Industrial market ended the fourth quarter with a vacancy rate of 6.1% compared to a national vacancy rate of 5.4%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 1,532,681 square feet during the quarter.

    The average quoted asking rental rate for available Industrial space was $4.48 per square foot per year at the end of the fourth quarter 2016 in the Kansas City market area. This represented a 0.9% increase in quoted rental rates from the end of the third quarter 2016, when rents were reported at $4.44 per square foot. The average quoted rate within the Flex sector was $9.22 per square foot at the end of the fourth quarter 2016, while Warehouse rates stood at $4.27.

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