LANE4 partner selected for 2016 Leadership Kansas class

Hunter Harris, a partner from LANE4 Property Group, has officially joined the 2016 class of Leadership Kansas, a nationally recognized program affiliated with the Kansas Chamber that aims to develop and motivate Kansas leaders. Each year, the organization selects 40 individuals that demonstrate social responsibility and the potential to play a leadership role within the state.

Harris, a lifelong resident of Kansas, has spearheaded major projects that have spurred economic growth and development in the state. Throughout his career, Harris has focused on development projects that elevate their surrounding neighborhoods and ‘encourage lasting advancement,’ including projects like 39 Rainbow and La Plaza Argentine. Both aimed to provide local residents with much needed services and amenities, jump start additional projects to transform struggling neighborhoods into thriving commercial corridors.

Hunter is a board member on the Cancer Funding Partners for the University of Kansas Cancer Center and is past president for The Friendship Inn, a nonprofit providing a “home away from home” for families of hospital patients.

The mission of Leadership Kansas is to identify leaders, inform them of key local issues, and inspire them to maintain involvement in social, business, and political fabric of Kansas communities. Graduates of this program include former U.S. House representatives, Senators, state governors, business owners and CEOs, and education leaders including university presidents and members of the Kansas Board of Regents.

To see the full list of 2016 class members, click here.

Compensation for corporate real estate executives continues to climb

The wallets of corporate real estate executives continued to grow from 2014 to 2015, and those leaders say they expect more of the same this year. In a recent study conducted by CoreNet Global and FPL Associates, 83 percent of real estate executives at large corporations across the globe saw their base salary increase. Of that number, 80 percent expect further increases in 2016.

Globally, the average total annual cash compensation for a corporate real estate head averaged $265,684 in 2015. Compared to $231,197 in 2015, that’s an increase of almost 15 percent.

Of the North American participants in the study, 84 percent saw an increase in their base salary in 2015 and 82 percent expect another increase in 2016. Of respondents in Asia, 71 percent saw an increase in 2015 and 71 percent expect an increase in 2016. In Europe, 90 percent saw an increase and 90 percent expect another increase in 2016.

“The continually rising salaries in corporate real estate are driven by a recognition of the profession as key to overall corporate performance,” said Angela Cain, CEO of CoreNet Global. “As corporate real estate evolves, more people are seeing it as the well-defined profession that it is, as well as a financially rewarding career option.”

Study participants also reported receiving a range of job perks. On average, participants received the most amount of money for automobile allowances and tuition reimbursement.

CoreNet Global is the world’s leading professional association for corporate real estate (CRE) and workplace executives, service providers and economic developers. For more information on happenings with the local Kansas City chapter, click here.

531 Grand apartment project in River Market nears kickoff

Block Real Estate Services and Omaha-based Cornerstone Associates LLC are getting ready to officially begin construction on a new 140-unit apartment project in the River Market. A ceremony on April 6th at 10 a.m. will mark the official start of construction.

The development consists of a mix of studio, one- and two-bedroom units with a 140-stall parking garage. On the ground floor of the building, the developer is planning for 10,000-square-feet of retail space with frontage along Grand Boulevard. The lobby entrance to the building will run along Missouri Ave. on the north facing side of the building.

Amenities for the project include a private outdoor swimming pool and patio space on top of that parking garage. It will also have a fitness center, club room, and private balconies.

The Planned Industrial Expansion Authority has stamped its approval on an incentive package for the developers that will include a 15-year property tax abatement. For the first 10 years, the project will receive a 100 percent tax abatement, but will pay $12,000 annual payments in lieu of taxes during that time. In the remaining 5 years, the project will get a 50 percent abatement.

The project team includes NSPJ Architects as architect, Taliaferro & Browne as engineer, and Lund Ross Construction as general contractor.

KCK Chamber promotes regionalism, collaboration at 2016 Annual Meeting

The Kansas City, Kan. Chamber of Commerce is preparing to host its 2016 Annual Meeting, an event in which it hopes to showcase that the area is “a good place to be.”

The KCK Chamber hopes its largest gathering of the year will help to create a more vibrant region in the way of more meaningful partnerships and regional collaboration. KCK Chamber Executive Director Daniel Silva and Chamber Board Chair Valerie Mussett from Design Mechanical will share why KCK is ‘A Good Place to Be’ and discuss their 2016 goals for the Chamber.

“This year’s annual meeting will provide guests with a more in depth look at the significant role KCK plays in regionalism through our community involvement, business development, diversity and technology advancements,” Silva said.

The lunch will feature a regionalism and collaboration panel showcasing leading business experts from the technology, government, and nonprofit realms. Panelists include Dennis Kish, national vice president with Google Fiber; Mayor Mark Holland with the Unified Government of Wyandotte County; Joe Reardon, president and CEO of the Greater Kansas City Chamber of Commerce; and CiCi Rojas, president and CEO of the Central Exchange. The discussion will be moderated by Kevin Collison of Burns & McDonnell.

The panel will discuss regional initiatives to deliver job growth and economic development, bi-state and organizational collaboration, and business diversity and engagement. The event is open to the public. For more information or to register to attend, click here.

CBRE predicts KC real estate to thrive in 2016

It’s a good year to be in Kansas City. With each sector making impressive moves in 2015, CBRE’s Kansas City office is predicting just as strong of a 2016, with a few nuances. Here’s a look at the real estate firm’s predictions for the coming year.

OFFICE

Kansas City’s top submarkets are hurting for more large blocks of Class A space, as evidenced by the climbing office occupancy rates. The lack of speculative office space has been a significant factor in lowering vacancy rates, the report notes, especially in South Johnson County and at the Country Club Plaza. While a handful of multitenant construction projects are on the horizon in 2016, none are truly speculative, as they will require significant preleasing prior to the start of construction.

This year, CBRE predicts asking lease rates will remain steady or see modest growth. Projects on the way include the 193,732-square-foot 46 Penn Centre on the Plaza, and the 142,717-square-foot historical conversion of Corrigan Station. The Dairy Farmers of America also have a new 100,000-square-foot headquarters building underway in Kansas City, Kan.

The border war over incentives will continue to play a significant role in luring companies back and forth across the state line, unless a bill that prohibits the use of state incentives to attract Kansas City area companies is successfully passed through the Kansas Legislature. However, some community leaders believe that restricting incentives will dampen Kansas City’s competitive edge over other parts of the country, and could lead major area employers to leave Kansas City altogether.