According to the latest research from Newmark Grubb Zimmer, Kansas City’s retail market is tightening as vacancy rates drop and asking rates increase across the metro.
Those looking for smaller retail spaces in North Johnson County are having a tough time as vacancy in the area hit 3.4 percent, whereas big box space is readily available, posting a 10.3 percent vacancy rate. Platte County ties with the urban core for the second-lowest vacancy rate. The report notes that the growth in residential offerings in the Northland have led to the attraction of key retailers.
South Johnson County remains a darling of the retail market, attracting unique local boutiques as well as large national brands. Retail hubs in Lee’s Summit are coming to the rescue of the Southeast Jackson County submarket, which led the metro with the largest drop in vacancy.
The brokerage firm boasted a number of new leasing assignments, including the 158,000-square-foot Village at Burlington Creek, the 56,000-square-foot Southridge Shopping Center, and the 49,930-square-foot Northeast Shopping Center.
Read the full report here.