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Downtown-Adjacent Areas Witness Renewed
Interest from Firms Prioritizing Costs
Close-in suburbs record encouraging leasing. The number of leases signed in the first five months of 2022 has surpassed last year's leasing for the same period. Recent activity was highlighted by WellSky, a health IT company headquartered in Overland Park, which inked a 132,000-square-foot commitment. Among larger submarkets, North of the River has recorded the greatest drop in vacancy during the first three months of 2022, as locally discounted rents and a dearth of new inventory are supporting demand for existing space. The FBI's sizable lease execution in the submarket late last year may draw additional firms to the locale in the near term, namely those that support government operations. The promising performance of these areas signals a potential turning point for downtown-adjacent submarkets.