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Regional Summaries

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Kansas City, MO

Apartment
The 130,033-unit Kansas City apartment market vacancy rate was 4.5% in the third quarter of 2017, up 40 basis points over the quarter and up 50 over 12 months. The rate rose 10 basis points in November. Asking and effective rents rose 1.0% and 1.1% in the third quarter to $874 and $829 per month. These rates were up 3.4% and 3.2% over 12 months. These are hefty annual gains for a conservative Midwestern market. October saw 0.4% asking and effective gains. November followed with more modest increases, but gains nonetheless. VIEW APARTMENT LISTINGS >
Industrial
The vacancy rate in the Kansas City warehouse/distribution market finished the third quarter of 2017 at 9.0%, Reis reports, unchanged from the prior quarter and down 170 basis points from one year earlier. October and November show a 9.7% vacancy rate. Reis reports third quarter average asking and effective rents of $3.49 psf and $3.23 psf for warehouse/distribution space, both up 0.6% from the prior quarter. These rates are up 4.8% and 4.9% for the year. For Flex/R&D space, Reis reports third quarter 2017 vacancy at 14.5%. The rate is up 170 basis points over the quarter but down 10 basis points over 12 months. Reis reports asking and effective rents of $7.05 psf and $6.21 psf, unchanged over the quarter, and up 0.7% and 1.0% for the year. VIEW INDUSTRIAL LISTINGS >
Office
The 43.6-million-square-foot Kansas City general purpose, multi-tenant office market finished the third quarter of 2017 with a vacancy rate of 15.4%, down 20 basis points for the quarter and down 80 over 12 months. November data show a slight increase in the rate. Reis reports average asking and effective rents of $20.63 psf and $16.08 psf in the third quarter, up 0.1% and 0.2% for the quarter, and up 2.0% and 2.1% for the year. Rates in both rental categories rose 0.1% in November. VIEW OFFICE LISTINGS >
Retail
Reis reports third quarter 2017 vacancy in Kansas City’s 26.3-million-square-foot community-neighborhood shopping center market at 11.6%, up 50 basis points from the prior quarter and up 90 over 12 months. The rate was 11.5% in November. Community-neighborhood shopping center asking and effective rents were $14.77 psf and $12.62 psf in the third quarter, both up 0.3% for the quarter, and up 0.5% and 0.6%, respectively, for the year. After low gains in October, asking and effective rents fell 0.1% and 0.2% in November. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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