Kansas City Office Figures Q3 2024

Overall net absorption posted negative 175,034 sq. ft. for Q3 2024, with the primary driver coming from 183,555 sq. ft. of direct vacant space added to the market at 2555 Grand in the Crown Center submarket.

Overall vacancy rates increased from 18.8% to 18.9% quarter-over-quarter, a result of negative net absorption. Looking longer term vacancy rates increased from 17.6% to 18.9% year-over-year.

Asking lease rates in the overall market increased 1.7% year-over-year ($22.47 per sq. ft. to $22.86 per sq. ft.). Class A asking lease rates increased 1.0% year-over-year ($25.32 to $25.57 per sq. ft.).