Kansas City Office Market
| Average Asking Rent (Price/SF) | $20.79 |
| Vacancy Rate (%) | 10.9% |
| Net Absorption (SF) | -758,392 |
The Kansas City office market loosened in the second quarter of 2020, as vacancy increased 200 basis points over the past year, from 8.9% to 10.9%, while asking rental rates increased $0.24/SF to $20.79/SF. Total net absorption in the second quarter measured negative 758,392 square feet, bringing the total for the past four quarters to negative 1.2 million square feet. As announced in July 2019, CenturyLink, Inc. exited 472,000 square feet of space at 600 New Century Parkway in second-quarter 2020, driving net absorption downward. Construction projects currently underway total 225,028 square feet. One project delivered 52,000 square feet to the market during the quarter.
Download Kansas City Office Market Report 2Q20Kansas City Industrial Market
| Average Asking Rent (Price/SF) | $4.62 |
| Vacancy Rate (%) | 5.0% |
| Net Absorption (SF) | -92,652 |
The Kansas City industrial market has been extremely active in 2020 with 2.8 million square feet of net absorption posted in the first half of the year, a 232% increase over the same time period a year ago. The increase in activity, while in the midst of the COVID-19 economic downturn, is due to macro-level growth from industries such as ecommerce, logistics and food/beverage distribution.
Download Kansas City Industrial Market Report 2Q20