CBRE Q2/2017 warehouse/industrial report. Jackson County and North KC had most of the lease activity last quarter.
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Kansas City ranks in the top 10 (7 th) in the nation for cubic feet added since 2010, according to data obtained by CBRE Econometric Advisors. Cubic feet, or the “third dimension”, has become increasingly more important as taller warehouses provide better value by offering more space to store goods for each square foot of rent paid.
• At the end of Q2 2017, space under construction in Kansas City was 48% pre-leased outpacing the U.S. average of 43%, and the national 17-year average of 38%. Demand remains high, even after several years of continually growing expansion, the market still has room to grow.
The Kansas City industrial market has posted 23 consecutive quarters of positive net absorption.
1.2 million sq. ft. was completed in Q2 2017 in four buildings. The first completion was a 596,000 sq. ft. build-to-suit warehouse for Sioux Chief Manufacturing in Kansas City, MO. The plumbing supply manufacturer is moving its operations, and approximately 500 jobs, from Peculiar, MO to the CenterPoint Intermodal in south Kansas City, MO. The next was a 494,654 sq. ft. speculative warehouse called Three Trails III in Kansas City, MO with 375,654 sq. ft. pre-leased occupied by Shuttlewagon with 81,000 sq. ft., AJ Manufacturing with 68,000 sq. ft., Sedecia with 90,000 sq. ft., and most recently Hy-Vee occupying 136,000 sq. ft. with plans to hire 127 employees to ramp up its online grocery service. The final two completions were a 81,000 sq. ft. build-to-suit warehouse for North American Safety Valve in North Kansas City, MO; and a 24,000 sq. ft. flex building in Lenexa, KS.