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Regional Summaries

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Kansas City, MO

Apartment
The 129,217-unit Kansas City apartment market vacancy rate was 4.5% in the first quarter of 2017, up 20 basis points over the quarter and up 70 over 12 months. The rate is 4.4% in April 2017. Asking and effective rents both rose 0.4% and 0.2% in the first quarter to $855 and $811 per month. These rates were up 4.1% and 4.0% over 12 months. April saw additional gains of 0.2%, asking and effective. VIEW APARTMENT LISTINGS >
Industrial
Vacancy in the Kansas City warehouse/distribution market is 9.9% in April 2017, according to Reis’s latest monthly data. The first quarter 2017 rate of 9.9% was down 30 basis points over the quarter and down 50 year-over-year. Reis reports first quarter average asking and effective rents of $3.39 psf and $3.14 psf for warehouse/distribution space, up 1.2% and 1.3% from the prior quarter. These rates are up 3.0% and 3.6% for the year. April data show 0.3% gains for both categories. For Flex/R&D space, Reis reports April 2017 vacancy at 14.7%, unchanged from the first quarter. The first quarter rate was down 50 basis points over 12 months and down 180 from the fourth quarter of 2016. Reis reports asking and effective rents of $7.02 psf and $6.18 psf, up 0.4% and 0.5% over the quarter, and up 1.0% and 1.1% for the year. VIEW INDUSTRIAL LISTINGS >
Office
The 42.9-million-square-foot Kansas City general purpose, multi-tenant office market’s April 2017 vacancy rate was 16.3%. The first quarter rate was down 20 basis points over 12 months. Reis reports average asking and effective rents of $20.39 psf and $15.89 psf in the first quarter, up 0.4% each for the quarter, and up 1.5% and 1.6% for the year. Asking and effective rents rose 0.2% and 0.1% in April. VIEW OFFICE LISTINGS >
Retail
Reis reports first quarter 2017 vacancy in Kansas City’s 26.1-million-square-foot community-neighborhood shopping center market at 10.6%, up 10 basis points from the prior quarter and up 50 over 12 months. The rate was 10.6% in April 2017. Community-neighborhood center asking and effective rents were $14.72 psf and $12.58 psf in the first quarter, down 0.3% and 0.4% for the quarter and up 0.3% each for the year. This is not a very strong market for retail rents. Asking and effective rents rose 0.1% in April. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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