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Kansas City Office Space In-depth With a population of 447,306 as of 2006, Kansas City is the largest city in the state of Missouri. First founded under the name “Town of Kansas” in 1838, the city was situated on the intersection of the Missouri and Kansas rivers. Kansas City, during the civil war, was the site of several battles including the Battle of Westport. Kansas City has a hu... Read More
Kansas City Office Space In-depth With a population of 447,306 as of 2006, Kansas City is the largest city in the state of Missouri. First founded under the name “Town of Kansas” in 1838, the city was situated on the intersection of the Missouri and Kansas rivers. Kansas City, during the civil war, was the site of several battles including the Battle of Westport. Kansas City has a humid continental climate which makes for a very erratic climate change between summer and winter. With temperatures in the summer averaging around 90 degrees and below freezing temperatures in the winter, Kansas City experiences high humidity all year round. The city is also known for its wide array of museums including Nelson-Atkins Museum of Art, the Kemper Museum of Contemporary Art, and the Belger Arts Center and its custom architecture.
The economy in Kansas City is prospering at the moment. Kansas City office space is home to four Fortune 500 companies including Sprint Nextel Corporation, H&R Block, Embarq Corporation, and YRC Worldwide Inc. Missouri is the only state to have two headquarters of the Federal Reserve Bank. Agriculture is also a major player in the Kansas City economy by operating out of the Kansas City Board of Trade.
During the First Quarter of 2008, the Kansas City office space market seen a rise in vacancy and a positive, however decreased net absorption, while the asking rate for Class A office space in Kansas City and the amount of construction remain the same. The first quarter’s net absorption of office space in Kansas City totaled just 69,000 square feet, while throughout 2007 net absorption for office space in Kansas City averaged 360,000 square feet. It is only because of the low amount of construction that the vacancy rate did not skyrocket. The vacancy rate for Kansas City office space only went up to 16.2% from 15.8%. In summary, it is proposed that the second quarter of 2008 will see a turn around in the economy both nationally and centrally in Kansas City.
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