Block Real Estate Services, LLC (BRES), Kansas City’s premiere commercial real estate company, is once again delivering their insider knowledge of the Kansas City Metro through their yearly publication, The Real Estate Report for Metropolitan Kansas City 2018. 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 2018 Real Estate Report is the best place to go for market research and influential information about commercial real estate in the Kansas City Metro,” 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. If you are looking to invest in commercial real estate in 2018, this is a must-read for you.”
Block himself is a major contributor to the annual report. He provides overview and insight to all of the individual sections while personally writing an in-depth look at the global economy. The global economy section ties into the local Kansas City economy highlighting any aspects that could affect the 2018 commercial real estate market.
BRES is not just a 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’ took a close look at the national office market from 2017. They write, “In 2017, the office market nationally saw an increase in the average rental rate to $24.75 per square foot, up from $23.97 per square foot, across all classes.” They compared that to growth in the Kansas City market, “with increased leasing activity, the market saw rental rates increase to $18.77, up from $18.07 per square foot for the same time period in 2016.” New developments announced include 46 Penn Centre, a BRES office development on the Country Club Plaza.
Several of BRES’ veteran agents in the multifamilly market contributed to the report. They saw, “the Kansas City apartment market (grow) to 138,240 units in 2017.” Additionally, “rent increased by 3.6%, similar to the increases in 2015 and 2016.” In the Downtown submarket, agents noted “more than 3,000 units have been constructed Downtown since 2014 and nearly another 3,000 are expected to be completed by 2020.” While the Downtown submarket has seen substantial growth our agents note that, “over 4,000 units were delivered in 2017 across the Metro, continuing the recent trends of high-quality assets being added to Kansas City’s apartment market.”
The Industrial Market continued its growth in 2017. More than 6 million square feet of industrial space was delivered through new construction in the Kansas City Metro area. Michael R. Block, Principal of BRES, is a contributor to the Industrial section and a leader in the industrial market. Block says diversification is the key, “Kansas City has never relied on a single industry or sector for its success. It has been diversifying for many years.” When asked who was driving the demand for new distribution buildings Block said, “fifty percent of the largest transactions are in five categories, including: eCommerce, third-party logistics (3PL), automotive, food and beverage, and consumer goods.” Block went on to say that “though Kansas City is the 17th largest industrial market in the country, during 2010 to 2016 it ranked seventh in square feet and cubic feet of new industrial construction inventory in the country.”
The 2018 Real Estate Report contains additional 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 previous year and insights into 2018. The 68 page document is easy to understand because of the industry experts who can deliver complex information in a clear and concise manner.
BRES is a full-service commercial real estate company managing over 40 million square feet of retail, office, industrial, and multifamily properties for equity partnerships and third party owners.
Be sure to go online and get your free copy of this year’s report at www.blockllc.com/marketreport.