In Kansas City, 2017 was a record breaking year in the industrial market posting 7.7 million sq. ft. of net absorption, in tandem with asking lease rates in the office market increasing 7.4% year-over-year.
The Downtown office market momentum is expected to accelerate further, with improved fundamentals including rising occupancy rates and asking lease rates.
Kansas City's consistent population growth, developing transportation system, and stable economic base have made it a prime target for multifamily investment by national capital.
Vacancy rates in the retail market declined 180 bps year-over-year, finishing 2017 at 7.7%. Asking lease rates increased 1.3% or $0.17 per sq. ft. year-over-year.