Block Real Estate Services, LLC (BRES), Kansas City’s premier commercial real estate company, is once again delivering its insider knowledge of the Kansas City Metro in its yearly publication, “The Real Estate Report for Metropolitan Kansas City 2017.” This year the report features some of the largest and most important real estate deals or investment opportunities in the Kansas City market. The report also features analysis of the different commercial real estate markets, including Retail, Office, Multifamily, Industrial, Investment and Downtown.
“The 2017 Real Estate Report is the best place to go for up-to-date market research and influential information about commercial real estate in Metropolitan Kansas City,” said Kenneth G. Block, Managing Principal of BRES. “All portions of the report are written by leading agents in the firm who have an in-depth knowledge of their market sector. This is a must-read document for anyone who is interested in investing in commercial real estate in 2017.”
Block himself is a major contributor to the annual report. He provides overview and insight to all of the individual sections while also writing an in-depth look at the global economy, a section he then ties into the local Kansas City economy highlighting any aspects that could affect the 2017 commercial real estate market.
BRES is not just a local commercial real estate brokerage firm. The company offers a wide variety of services, including: the Block Funds, property management, property maintenance, construction management, development, multifamily management, and the sale and leasing of commercial properties.
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The expert contributors at BRES’ begin the report by focusing on downtown developments in Kansas City. They write, “In 2016, vacancy for all real estate categories continued on a positive trajectory for 2016. In particular, residential rents were $1.27 per square foot at the end of 2016 compared to $1.20 per square foot at the same time in 2015. This was a 5.8% increase and a 21% increase from 2014 when rents were $1.05 per square foot.” Several buildings in downtown Kansas City are being redeveloped into office buildings, multifamily structures, hotels or retail space. With the opening of the Kansas City streetcar system, additional developments have been planned for the area immediately surrounding the line’s corridor.
Several of BRES’ finest agents in the office market contributed to the report, and agree that increased absorption rates, and continued office building construction support expectations of an improved market. BRES’ office experts state that, “the United States office market vacancy rate fell to 9.9% in 2016, down from 10.6% at the end of 2015. During the past year, the market absorbed 88 million square feet of office space. The 4.9% U.S. unemployment rate, the country’s lowest since 2009, no doubt contributed to the overall good health of the office market.”
The Industrial Market is also on the upswing. In 2016, more than 6.6 million square feet of industrial space had been built in the Kansas City Metro area. Michael Block, Principal of BRES, is a contributor to the Industrial section and a leader in the industrial market. He says, “Kansas City is truly benefiting from the shift to e-commerce. A retailer usually has from one to three centralized distribution centers located across the country to provide the two- to three-day deliveries that consumers demand. Transportation of goods is typically the largest cost for any company, and Kansas City’s infrastructure provides some of the lowest transportation costs in the nation. At the crossroads of North America, distributors can enjoy the advantage of reaching 85% of the U.S. population by truck within two days or less.”
The 2017 Real Estate Report contains in-depth knowledge of trends and statistics for the local Kansas City commercial real estate market. These trends and statistics offer a comprehensive look at the different commercial real estate sections for the year. The 68 page document is easy to read because it is written by experts who understand the industry and can deliver complex information in a clear and concise manner.
Block Real Estate Services, LLC (BRES) is a full-service commercial real estate company managing over 38 million square feet of retail, office, industrial, and multifamily properties for equity partnerships and third party owners.
Be sure to go online and check out this year’s report for free at www.blockllc.com/marketreport.
Block Real Estate Services, LLC
On the web: blockllc.com