Kansas City Office Market Report

Largest submarkets continue to outperform. After four years of retreat, the amount of occupied office space began to climb in 2024 and should continue to this year as a pair of headquarters expansions come to fruition. Both Kiewit and the Shamrock Trading Company will add to their footprints this year in Lenexa and Overland Park, respectively. Meanwhile, 2025 move-ins at existing floorplans are slated across the market, most frequently in Downtown, Midtown and along College Boulevard. This should add to the downward vacancy shift noted last year in both the core and South Johnson County, especially as Midtown already boasts one of the lowest vacancy rates in the metro at 9.4 percent. Outlying Kansas suburbs entered this year with a vacancy rate matching Midtown’s. Tenant demand in both core and suburban office hubs, as well as some of the smaller nearby cities including Topeka, is further underpinned by net absorption across all classes, setting the stage for broad-based vacancy tightening this year.