Attention regional businesses

Issues concerning Downtown as described by the Downtown Council. River to 31st Street, I-35 to Bruce R. Watkins.
brewcrew1000
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Re: Attention regional businesses

Post by brewcrew1000 » Mon Sep 02, 2019 10:41 pm

earthling wrote:
Mon Sep 02, 2019 11:14 am

Downtown KC only has about 50K sqft office space delivered or under construction recently (and it's Class B). Columbus has over 500K. Pittsburgh about 700K. Nashville has nearly 3M u/c, though they have 1/3 less total than KC. Meanwhile KC suburbs lead the Midwest with 1.4M sqft Class A under construction, the only Midwest market over 1M and more than many markets across US much larger than KC.

https://www2.colliers.com/-/media/Files ... eport.ashx
Wonder if the Garmin expansion has skewed these numbers, wasn't that a pretty big expansion?

earthling
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Re: Attention regional businesses

Post by earthling » Tue Sep 03, 2019 10:07 am

Nearly 1M is in SKC, so mostly Cerner. N JoCo has 500K uc/recently delivered, double the city core and 10x downtown. Sprint campus sale likely to compete further with downtown and rest of JoCo. Is amazing that with the huge amount of office space KC has compared to metros our size, the vacancy is below 9%.

Downtown Class A rents also a couple $ lower than JoCo per sqft yet struggles to draw. The downtown vacancy has hit low enough to attract spec development (below 12%) but the rates unfortunately might not be high enough to justify new hirise construction w/out incentives. The mild interest/demand ultimately means downtown probably has to use incentives to attract spec building, whereas in other downtowns, there's a natural demand for downtown and spec building stays on top of it - including in markets that don't have good metro public transit.

Is amazing though that Chicago hasn't had any suburban office development for last year according to Colliers.

Riverite
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Re: Attention regional businesses

Post by Riverite » Tue Sep 03, 2019 8:16 pm

I feel like if we could get enough employers to start choosing downtown again, it would encourage other employers to move evenetually leading to a chain reaction

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Re: Attention regional businesses

Post by brewcrew1000 » Wed Sep 04, 2019 10:59 am

Our downtown would look so sad and pathetic if we didn't have Federal Gov't Employees working down there

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Re: Attention regional businesses

Post by normalthings » Wed Sep 04, 2019 12:00 pm

Riverite wrote:
Tue Sep 03, 2019 8:16 pm
I feel like if we could get enough employers to start choosing downtown again, it would encourage other employers to move evenetually leading to a chain reaction
Waddell and Reed moving downtown will create enough demand for a few new apartment buildings.

I think we'll find it much easier at first to attract Apple and Microsoft, etc downtown before our own hometown firms.

earthling
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Re: Attention regional businesses

Post by earthling » Wed Sep 04, 2019 12:09 pm

normalthings wrote:
Wed Sep 04, 2019 12:00 pm
I think we'll find it much easier at first to attract Apple and Microsoft, etc downtown before our own hometown firms.
Likely the case. And DT orgs should pursue them as well as other IT service companies like IBM/HP/Cisco, etc that tend to have fairly small local offices under 100. IBM used to be in Crown Center.

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Re: Attention regional businesses

Post by langosta » Wed Sep 04, 2019 12:50 pm

earthling wrote:
Wed Sep 04, 2019 12:09 pm
normalthings wrote:
Wed Sep 04, 2019 12:00 pm
I think we'll find it much easier at first to attract Apple and Microsoft, etc downtown before our own hometown firms.
Likely the case. And DT orgs should pursue them as well as other IT service companies like IBM/HP/Cisco, etc that tend to have fairly small local offices under 100. IBM used to be in Crown Center.
Microsoft, Apple, and other tech would be a great addition to the Riverfront. IMHO Riverfront is the best place for us to put the Keystone Innovation district.

nickyrosstheboss
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Re: Attention regional businesses

Post by nickyrosstheboss » Wed Sep 04, 2019 2:36 pm

langosta wrote:
Wed Sep 04, 2019 12:50 pm
earthling wrote:
Wed Sep 04, 2019 12:09 pm
normalthings wrote:
Wed Sep 04, 2019 12:00 pm
I think we'll find it much easier at first to attract Apple and Microsoft, etc downtown before our own hometown firms.
Likely the case. And DT orgs should pursue them as well as other IT service companies like IBM/HP/Cisco, etc that tend to have fairly small local offices under 100. IBM used to be in Crown Center.
Microsoft, Apple, and other tech would be a great addition to the Riverfront. IMHO Riverfront is the best place for us to put the Keystone Innovation district.
Ooooooo I second this! Especially with the streetcar extension

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GRID
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Re: Attention regional businesses

Post by GRID » Thu Sep 05, 2019 10:57 am

earthling wrote:
Mon Sep 02, 2019 6:17 pm
When I said KC leads with suburban development in Midwest that even includes Chicago. Chicago has had ZERO office space under construction in the burbs for the last year according to Colliers, it's all in the city.

https://www2.colliers.com/-/media/Files ... liers.ashx

KC residents are demanding city living but local office business is still stuck in last century office park mode.
I understand. It's the same thing in the DC area unless near metrorail (downtown bethesda, tysons etc).

The amount of office space KC has and continues to build in the burbs is just insane for the size of the city especially now when most cities have pretty much shifted to urban office space. KC is about to go through another cycle of backfilling the massive sprint campus, Cerner is building millions of sq ft in far flung locations and suburban KC is still building spec office space. Meanwhile downtown might build one or two relatively small office buildings (by normal downtown standards) over the next decade.

Seems like KC is just going to have to figure out how to continue rebuilding downtown without a major employment increase. Downtown KC probably won't even see 1980's employment numbers for many decades. Even if KC wins back a company or two (W&R etc) the regional corporate community has spoken... KC is extremely lucky to be a major government office center or downtown would have like 10,000 people working there.

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Re: Attention regional businesses

Post by langosta » Thu Sep 12, 2019 9:55 pm

https://www.loopnet.com/Listing/1034-Ma ... O/4258676/

I noticed that the 1034 Main page was updated recently and shows a 2021 completion date. Do we think that could be where W&R is going?

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TheLastGentleman
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Re: Attention regional businesses

Post by TheLastGentleman » Thu Sep 12, 2019 10:48 pm

langosta wrote:
Thu Sep 12, 2019 9:55 pm
https://www.loopnet.com/Listing/1034-Ma ... O/4258676/

I noticed that the 1034 Main page was updated recently and shows a 2021 completion date. Do we think that could be where W&R is going?
This is probably the most important site in the loop to build on. Hope this is a sign of something really happening

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Re: Attention regional businesses

Post by kboish » Fri Sep 13, 2019 1:09 pm

Does anyone know when we may actually here something official on the W&R relocation?

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FangKC
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Re: Attention regional businesses

Post by FangKC » Sat Sep 14, 2019 2:54 am

langosta wrote:
Thu Sep 12, 2019 9:55 pm
https://www.loopnet.com/Listing/1034-Ma ... O/4258676/

I noticed that the 1034 Main page was updated recently and shows a 2021 completion date. Do we think that could be where W&R is going?
It's a possibility. The fact they updated the page, and placed a completion date, would lead one to that conclusion.

It's basically a ready-to-go development site. There are no buildings to demolish, and no ground excavation to prepare the site. I assume all the infrastructure was put in when the garage was built (sewers, water, electrical conduit). I also assume all the architectural plans are updated and ready-to-go.

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GRID
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Re: Attention regional businesses

Post by GRID » Sat Sep 14, 2019 12:49 pm

No way. 1034 Main might go up? Would love to also see something similar in scale go up east of Grand, especially on that site north of the Sprint Center. That spot should be reserved for a major office tower too. But 1034 will really add some serious density to the core of downtown.

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Re: Attention regional businesses

Post by KCPowercat » Sat Sep 14, 2019 1:27 pm

I'm not holding my breath at all on that one.

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