Figures

Kansas City Industrial Figures Q4 2023

January 9, 2024 5 Minute Read

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Overall vacancy rates increased 70 basis points (bps) quarter-over-quarter, a result of 2.3 million sq. ft. of speculative deliveries with 1.9 million sq. ft. of vacant space as of the end of Q4 2023. The overall market vacancy rate at the end of the quarter was 3.7%.


The overall market average asking lease rate was $5.48 NNN at the end of Q4 2023. Average asking lease rates increased 9.2% year-over-year ($5.02 NNN to $5.48 NNN).


2.3 million sq. ft. of new space was completed in Q4 2023, while 1.9 million sq. ft. of space broke ground in the quarter. As a result, 6.0 million sq. ft. of space remained under construction at the end of Q4 2023 with 41.1% (2.5 million sq. ft.) of this space pre-leased.