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Market Report

Kansas City Office Market Report

4Q 2023

Pockets of Demand Stand Out as Changing Work Habits,
Corporate Consolidations Add Hurdles 

Key office zones see demand uptick. Kansas City offices continue to contend with challenges imposed by remote work habits, with the amount of occupied square feet down about 3.9 million between the end of 2019 and midyear 2023. While more office space is being relinquished than absorbed at a market level, select areas nevertheless reported increasing demand over the past year ended in June. Properties on the Missouri side of South Kansas City, as well as in St. Joseph and along the I-29 and I-35 Corridors, recorded positive net absorption, reflecting a general preference among tenants for suburban floor plans. Major leases signed so far this year include a 104,000-square-foot commitment by Hill’s Pet Nutrition in Aspiria, where Black & Veatch also took up 77,000 square feet. These and other leases in the Overland Park area will help offset the local impact of trucking firm Yellow’s bankruptcy and local office closure.

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