Kansas City Office Figures Q1 2026

– Overall net absorption posted positive 259,443 sq. ft. for Q1 2026, marking the sixth consecutive quarter of positive net absorption. Positive net absorption came from both the suburban market (62,545 sq. ft.) and the downtown market (196,898 sq. ft.).
– Vacancy rates fell from 17.5% to 17.4% quarter-over-quarter in the overall market, a result of positive net absorption. Looking longer-term vacancy rates fell from 18.6% to 17.4% year-over-year. Vacancy rates have fallen slightly below the average from three years ago (Q1 2023) at 17.6%.
– No new multi-tenant space was delivered in Q1 2026, with no new projects currently under construction. Over the past three years 310,527 sq. ft. of new multi-tenant space was delivered from two buildings which were 94.5% occupied as of Q1 2026.
– Asking lease rates in the overall market increased 1.2% year-over-year ($23.22 per sq. ft. to $23.51 per sq. ft.). Over the previous three years the average asking lease rate increased 6.9% ($21.99 per sq. ft. to $23.51 per sq. ft.).