KANSAS CITY, MO— The historically strong Kansas City retail market is anticipated to record long-term growth this year based on favorable demographic patterns, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm. While other Midwestern metros have posted job losses, out-migration and housing market woes during the past several years, Kansas City’s economy has remained relatively stable. (Downtown Kansas City photo top left).
“Buyers with long-term holding strategies may find opportunities in the southern portion of the submarket, near Gardner, where a new intermodal transportation hub will spur job growth and attract future retail developments,” says Gary Lucas, (top right photo) regional manager of the Kansas City office of Marcus & Millichap.
Following are some of the most significant aspects of the Kansas City Retail Research Report:
· Builders are set to add more
than 3.3 million square feet to local inventory in 2008, up from 1.4 million square feet last year.· Vacancy is forecast to end the year at 12.5 percent.
· Asking rents are projected to climb 1.3 percent to $14.20 per square foot.
· Effective rents will gain 1.1 percent to $12.40 per square foot.
· The government and educational and health services sectors have each gained almost 2 percent year over year, creating 2,500 and 2,100 jobs, respectively.
For a copy of the complete Kansas City Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.
Press Contact: Stacey Corso
Communications Department
(925) 953-1716
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