Kansas City Office Market
| Average Asking Rent (Price/SF) | $20.82 |
| Vacancy Rate (%) | 11.6% |
| Net Absorption (SF) | 4,369 |
The Kansas City office market slightly tightened in the fourth quarter of 2020 as total net absorption measured 4,369 square feet. Total net absorption during the past four quarters totaled negative 1.5 million square feet. Vacancy increased 260 basis points over the past year, from 9.0% to 11.6%, while asking rental rates decreased by $0.05/SF to $20.82/SF. Construction projects currently underway total 389,985 square feet, with no deliveries during the quarter.
Download Kansas City Office Market Report 4Q20Kansas City Industrial Market
| Average Asking Rent (Price/SF) | $4.56 |
| Vacancy Rate (%) | 5.4% |
| Net Absorption (SF) | 1,151,382 |
The Kansas City industrial sector ended the year displaying strong market fundamentals with 1.2 million square feet of total net absorption during the quarter. Net absorption in 2020 totaled 5.9 million square feet, a 16.3% increase over the average for the market during the past five years and one of the most active industrial markets in the U.S. in 2020. Offerings quoted on a triple net basis are generally modern Class A and Class B+ properties, and rents have pressed upward as demand in this sector continues to increase. However, as larger structures continue to deliver to the market, the per-square-foot rate is pressed downward. The average asking rental rate decreased by $0.05/SF to $4.56/SF during the quarter.
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