Downtown office vacancy

Issues concerning Downtown as described by the Downtown Council. River to 31st Street, I-35 to Bruce R. Watkins.
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KCPowercat
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Re: Downtown office vacancy

Post by KCPowercat » Thu Jan 17, 2019 8:21 am

They have to do something about the food court.

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KC_JAYHAWK
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Re: Downtown office vacancy

Post by KC_JAYHAWK » Thu Jan 17, 2019 8:48 am

KCPowercat wrote:
Thu Jan 17, 2019 8:21 am
They have to do something about the food court.
LOL...yes they do. There are probably 4 open spots, with the Tex-Mex joint taking up 2 spots for some odd reason. I miss the old McDonalds that was in there.

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KCPowercat
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Re: Downtown office vacancy

Post by KCPowercat » Thu Jan 17, 2019 9:34 am

The Tex Mex place opens the second location "wrap it up west" if you will...when it's really busy.

At one point there was a plan to turn all the food court places into street entrances...at least the ones where it was possible elevation wise.

They should just turn the food court level (minus Jason's and Starbucks and dominos) into the fitness center and move food into the fitness center and barber shop locations

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KCtoBrooklyn
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Re: Downtown office vacancy

Post by KCtoBrooklyn » Thu Jan 17, 2019 11:14 am

normalthings wrote:
Wed Jan 16, 2019 7:10 pm
My napkin math shows that the purchase and lease up to 85% of City Center Square will push the downtown class a vacancy down to around 9%
It was unclear to me whether the 85% occupancy rate cited in the article was referring to City Center Square or the Populous building. My initial thought was the latter.

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FangKC
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Re: Downtown office vacancy

Post by FangKC » Thu Jan 17, 2019 2:01 pm

Although Somera isn't ready to reveal specifics, it does plan to upgrade the 30-story, 663,656-square-foot office tower, spokeswoman Hope Wheeler told the Kansas City Business Journal.

Located at 1100 Main St., City Center Square includes tenants such as the Kansas City Business Journal, Alight Analytics, Pinsight Media and Cooling & Herbers PC. There's also a fitness center, post office and a variety of restaurants on the first floor. The occupancy rate is 50 percent.

This isn't Somera's first foray into Kansas City. In 2016, it bought a four-story office building at 300 Wyandotte St., which previously housed Populous' headquarters. It rebranded the River Market building as 3Y and embarked on about $5 million in improvements, including additional parking spaces for tenants, a new rooftop space and gathering area, updated lobby and streetscape, and a B-cycle bike-share station.

Somera has secured multiple long-term tenant leases and is negotiating a lease that would bring the building to nearly 85 percent occupancy, Wheeler said.

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normalthings
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Re: Downtown office vacancy

Post by normalthings » Thu Jan 17, 2019 3:19 pm

FangKC wrote:
Thu Jan 17, 2019 2:01 pm
Although Somera isn't ready to reveal specifics, it does plan to upgrade the 30-story, 663,656-square-foot office tower, spokeswoman Hope Wheeler told the Kansas City Business Journal.

Located at 1100 Main St., City Center Square includes tenants such as the Kansas City Business Journal, Alight Analytics, Pinsight Media and Cooling & Herbers PC. There's also a fitness center, post office and a variety of restaurants on the first floor. The occupancy rate is 50 percent.

This isn't Somera's first foray into Kansas City. In 2016, it bought a four-story office building at 300 Wyandotte St., which previously housed Populous' headquarters. It rebranded the River Market building as 3Y and embarked on about $5 million in improvements, including additional parking spaces for tenants, a new rooftop space and gathering area, updated lobby and streetscape, and a B-cycle bike-share station.

Somera has secured multiple long-term tenant leases and is negotiating a lease that would bring the building to nearly 85 percent occupancy, Wheeler said.
The end of the article(I think?) mentions that the building(Somera) has potential clients lined up that would boost the rate to 85%.

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KCDowntown
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Re: Downtown office vacancy

Post by KCDowntown » Tue Jan 29, 2019 7:51 pm

Latest BizJournal article about City Center Square's purchase specifically mentions plans to improve the street-level around this building.

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Re: Downtown office vacancy

Post by missingkc » Tue Jan 29, 2019 9:24 pm

BizJournal:
The renovation will include a “state-of-the-art fitness center and tenant lounge, numerous in-house dining options, a fully-activated lobby, a hospitality center, a conferencing center and a revival of the property’s iconic lightwell,” the HFF release said. “Furthermore, Somera Road intends to activate the exterior with retail terraces and public seating.”

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FangKC
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Re: Downtown office vacancy

Post by FangKC » Wed Jan 30, 2019 8:40 pm

City Center Square's new owners secure $60M for renovations

https://www.bizjournals.com/kansascity/ ... j=86359641

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Re: Downtown office vacancy

Post by earthling » Mon Apr 29, 2019 2:43 pm

CBRE says Q1/2019 Downtown office vacancy is at 16% and Class A improved to 12.8%.
http://cbre.vo.llnwd.net/grgservices/se ... 69386fdc4d

Colliers tracks a lot more space (broader types of buildings). They haven't released Q1/2019 yet but Q4/2018 says downtown vacancy at 8.1% with Class A at 12.1%...
https://www2.colliers.com/en/Research/K ... s-Colliers

12% vacancy is the traditional indicator to spawn speculative construction, so not surprising to see a couple happening - though not particularly large ones.

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Re: Downtown office vacancy

Post by earthling » Tue Sep 17, 2019 9:49 am

Q2/2019 office reports...

Colliers: Downtown Class A vacancy improves a bit to 11.4%, total vacancy only 7.6%...
https://www2.colliers.com/en/Research/K ... ice-Trends

Image

CBRE: Downtown Class A 13.2%, they don't track as many buildings as Colliers.
https://www.cbre.us/research-and-report ... w-Q2-20190

Image

earthling
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Re: Downtown office vacancy

Post by earthling » Tue Sep 17, 2019 12:11 pm

Both claim nearly 1M sqft Class A available, but apparently no blocks more than 200K-300K in same building?

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Re: Downtown office vacancy

Post by earthling » Tue Oct 08, 2019 6:34 pm

CBRE Q3/2019 Office Report...

Downtown Class A had negative absorption and vacancy went up, but so did the amount of A office space.

https://www.cbre.us/research-and-report ... ew-Q3-2019

Image

earthling
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Re: Downtown office vacancy

Post by earthling » Tue Oct 08, 2019 6:43 pm

And here's another source I haven't ever posted, Cushman Wakefield. They don't track quite as much office space...

http://www.cushmanwakefield.com/en/rese ... e-snapshot

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