KC Metro Retail Space Reports

KC topics that don't fit anywhere else.
earthling
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KC Metro Retail Space Reports

Post by earthling »

CBRE Q1/2017 retail space report. Curious that The Plaza shows under 1% vacancy, maybe because some closed stores are still paying rent and/or empty spaces have new tenant not yet starting construction (like old McCormick's Grill spot now has Rye contract)? Curious that downtown has the second lowest vacancy. Curious that NoJoCo has highest vacancy in metro. Curious that E KC area has the most retail under construction in metro as well as overe half the metro absorption.

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kboish
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Re: KC Metro Retail Space Reports

Post by kboish »

Is East KC really East Jackson Co?

earthling
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Re: KC Metro Retail Space Reports

Post by earthling »

^Yes, given the amount of space and since they don't list Lee's Summit or Independence separately... Is interesting that Eastern Jack had over half the metro retail absorption last quarter.

http://www.cbre.us/o/kansascity/Pages/m ... ports.aspx

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earthling
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Re: KC Metro Retail Space Reports

Post by earthling »

On a related note, from Feb 2016 to 2017 the MO side of metro added over 23K jobs. The KS side of metro added only 4500.

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https://www.bls.gov/regions/mountain-pl ... _table.htm

earthling
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Re: KC Metro Retail Space Reports

Post by earthling »

Q2/2017 CBRE retail report. Metro improves, Plaza and downtown vacancy up slightly.

http://www.cbre.us/people%20and%20offic ... sas%20city

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earthling
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Re: KC Metro Retail Space Reports

Post by earthling »

CBRE Q3/2017 retail report is out...
http://cbre.vo.llnwd.net/grgservices/se ... 25e74be4d5

Downtown and Plaza vacancy still below 2%. Downtown improved to 1.7% and Plaza improved to 1.5%.

earthling
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Re: KC Metro Retail Space Reports

Post by earthling »

CBRE Q4/2017 metro retail report...
https://www.cbre.us/research-results?k=kansas%20city

For those who don't signup for account, here are metro vacancies...
Downtown 2.1%
Plaza 2.9%
KCK 5.1%
Midtown 6%
North KC 6% (leads metro in absorption for that quarter)
N JoCo 7.9%
S JoCo 8.8% (3rd most retail under construction)
E KC/JackCo 8.8% (most retail currently u/c))
S KC/JackCo 11.3% (2nd most retail u/c)

mgsports
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Re: KC Metro Retail Space Reports

Post by mgsports »

Catholic Charities opened in former Nuts and Bolts on 135th Street.

flyingember
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Re: KC Metro Retail Space Reports

Post by flyingember »

mgsports wrote:Catholic Charities opened in former Nuts and Bolts on 135th Street.
So the opposite of a vacancy

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Re: KC Metro Retail Space Reports

Post by mgsports »

At least lots of Restaruants want to open locations here in 2018.

earthling
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Re: KC Metro Retail Space Reports

Post by earthling »

earthling wrote:CBRE Q4/2017 metro retail report...
https://www.cbre.us/research-results?k=kansas%20city

For those who don't signup for account, here are metro vacancies...
Downtown 2.1%
Plaza 2.9%
KCK 5.1%
Midtown 6%
North KC 6% (leads metro in absorption for that quarter)
N JoCo 7.9%
S JoCo 8.8% (3rd most retail under construction)
E KC/JackCo 8.8% (most retail currently u/c))
S KC/JackCo 11.3% (2nd most retail u/c)
Here's Q1/2018 vacancy...
Downtown 2.6%
Plaza 2.5%
KCK 5.7%
Midtown 5.3%
North KC 5.1% (still leads metro in absorption for that quarter)
N JoCo 8.4%
S JoCo 8.6% (3rd most retail under construction)
E KC/JackCo 8.8% (most retail currently u/c))
S KC/JackCo 10.7% (2nd most retail u/c)

Need to signup to download...
https://www.cbre.us/research-results?k=kansas%20city

earthling
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Re: KC Metro Retail Space Reports

Post by earthling »

Q3/2018 retail space report. Burbs have highest vacancy. Plaza absorbed nearly 100K sqft YTD, claims only 12K space left with under 1% vacancy. Downtown still doing pretty well.

Note change in space compared to 2017 earlier in thread. Metro/suburban retail space shrank but downtown/Plaza grew.

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earthling
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Re: KC Metro Retail Space Reports

Post by earthling »

Downtown restaurant openings have been rising to about a dozen per quarter more recently. Midtown also having its share though not as much. S JoCo does well too.
Kansas City ended Q2 2019 with a total of 55 new restaurant openings, this does not include pop-ups or food trucks. 2019 is set to have similar total of openings compared to 2018 which ended with 196 new restaurant openings. The most popular submarkets in Kansas City for new restaurants are South Johnson County and Downtown. Both South Johnson County and Downtown open on average a little over 9 new restaurants per quarter. Midtown and North Johnson county are also very popular submarkets, opening on average a little over 6 new restaurants each quarter.
Let me know if the image doesn't stick.

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Most of the metro had a negative absorption of retail space, which could be mainly due to online shopping impact. Restaurants are now one of the major driving forces of using retail space, moreso than traditional retail. Could see The Plaza shifting even more to restaurant space than stores.
http://cbre.vo.llnwd.net/grgservices/se ... 2_2019.pdf

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FangKC
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Re: KC Metro Retail Space Reports

Post by FangKC »

With the way things are going, in the future, all retail will mean restaurant space.

earthling
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Re: KC Metro Retail Space Reports

Post by earthling »

FangKC wrote:
Fri Jul 26, 2019 3:12 pm
With the way things are going, in the future, all retail will mean restaurant space.
Yeah, here's the national trend with retail. Nonstore is essentially online. Restaurants/bars next then gas, pharmacy type stores and grocery stores. Even clothing stores in decline last quarter. Is time for the Plaza to appeal to neighborhood yet still attract metro with restaurants. Needs to add a pharmacy and grocery and add more smaller quaint neighborhood restaurants as well as corporate.

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FangKC
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Re: KC Metro Retail Space Reports

Post by FangKC »

Gasoline stations will likely begin to diminish in the next 30 year.

In Norway, electric car sales reached 58 percent of all car sales in March.

https://www.npr.org/2019/04/02/70913128 ... s-in-march
Last edited by FangKC on Fri Jul 26, 2019 4:04 pm, edited 1 time in total.

mean
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Re: KC Metro Retail Space Reports

Post by mean »

30 seems rather long given the ever-accelerating pace of technology.

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FangKC
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Re: KC Metro Retail Space Reports

Post by FangKC »

The USA seems determined to drag its' feet though. Our current federal administration is attempting to reduce national fuel-economy standards, and emissions standards. Even if the USA gradually switched to all new sales being electric cars in the next 10 years, gas stations will continue to be required for some time after to serve new gas-powered cars sold during that 10 year-period. Many gas-powered vehicles can last up to 20 years. Some longer with good maintenance, and low annual mileage.

mgsports
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Re: KC Metro Retail Space Reports

Post by mgsports »

Would still like to see more Retail open even if new to area.

flyingember
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Re: KC Metro Retail Space Reports

Post by flyingember »

Sales taxes receipts dropping in KS will cut the amount of money for retail incentives. If this keeps up will see more demand for property tax increases. And with big box stores winning court cases on property tax rates there’s the other half of the equation gone.

It’s also interesting given we know sales taxes are way up downtown.

https://www.kansascity.com/news/politic ... 66117.html
While Kansas’ overall tax collections grew just over 6% from last year, sales tax collections — which at $2.3 billion are the second largest revenue source behind only income taxes — actually decreased slightly, .27%.

Wyandotte County is down about 3% as a whole. Johnson County is down less than that, about 1%. But Overland Park, the county’s largest city, was down 6%, and some cities have seen decreases pushing 10%.

In Merriam, which relies on a revenue stream from car dealerships, sales tax yields have dropped 9.5% from last year, Engel said. Automotive sales have dropped about 5%.

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