KANSAS CITY, MO—Another two tenants have just signed leases for space at the WestLink Business Center at Hwy. K-7 and 43rd St. in Shawnee, KS, bringing the recently completed 170,000-square-foot speculative industrial building up to 100% occupancy. The building was completed in January and its lease-up illustrates just how vibrant the industrial real estate market is in this region.
In the third quarter local companies absorbed space at a pace not seen in years, and the vacancy rates continued to fall, according to a recent study published by Cassidy Turley. The data show that the industrial market's third quarter net absorption was 1.83-million-square-feet. The last time it exceeded 1.5-million-square-feet was in the third quarter of 2008, when tenants absorbed 2.36-million-square-feet of space.
“So far this year, a total of 3.01-million-square-feet of bulk and modern space has been added to the industrial market, and 77% of that has been speculative,” said Michael Mayer, managing principal in Cassidy Turley's Kansas City office. “By the end of the third quarter, 84% of that newly constructed space already had been leased or sold.”
Suffolk, VA-based Missouri Valley Wildlife Products and Kansas City-based NWC of Kansas, LLC just leased 20,000-square-feet for five years and 30,000-square-feet for ten years, respectively, in the WestLink center.
Cassidy Turley associate Brad Jacobs and managing director Whitney Kerr Jr., represented building owner Airtex, Inc. in all of the tenant negotiations. Airtex officials plan to develop an additional two buildings on the site once they secure incentives and city approvals.
“We are pleased to have quickly filled WestLink Business Center with several quality tenants in less than a year,” says Kerr. “This was a unique opportunity to bring new employers to Shawnee.”
The energy efficient building features an 80% tax abatement for 10 years as well as 28-foot clear heights, ESFR sprinkler systems, T-5 high efficiency lighting and dock and drive-in loading options available in units with more than 20,000-square-feet. WestLink also has quick access to Hwy. K-7, I-435 and I-70.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
