KANSAS CITY—The big economic story of 2014 was certainly the healthy expansion in jobs, and according to a new report by DTZ, the Kansas City region generated 22,300 new jobs during the year and all of its commercial real estate sectors benefited. And even though the most impressive growth was in the industrial and office markets in the surrounding suburbs, the downtown is also undergoing a revival.
“There is a great deal of activity taking place in the downtown's residential market,” Carolyn Bagnall, director of research at DTZ in Kansas City, tells GlobeSt.com. “There is also a fair amount of new retail activity in the downtown. It is much more healthy and active than it was a decade ago.”
Kansas City's apartment market closed 2014 with a significant increase in rents compared to the prior year, DTZ found. The average per square-foot rent was $0.88, an increase of 3.5% for the year. And in terms of occupancy, the downtown led the way. Its year-end occupancy was 96%, while both the city's Country Club Plaza submarket and suburban Johnson County were at 95%. The metro-wide average was 94%.
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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.
