Day 11- Retail- 12 Days of Why it’s Great to be in Kansas City

Kansas City is witnessing an increase in retail activity after many years of stagnant commerce. High hopes

linger as local communities attempt to redevelop the city with incentives that will continue to push the city as a modern commerce hub. In 2013, Kansas City has seen a reduced vacancy rate and expects an incline redevelopment investments and now we look towards the trends in retail that take us to 2014: 

2013 Retail Market Overview

Kansas City-area retail is picking up after years of economic turmoil and stalled projects throughout the metro area, according to the 2013 retail forecast from Block Real Estate Services (BRES).

Kansas City’s retail environment is well on the mend. We are still a long way from needing additional speculative retail developments, but with the increase in retailers committing to the metro and the increased number of leases being completed, this activity is sure to reduce the overall vacancy rate and help to improve rental rates in 2013.

Development has been specific to single-tenant users or small multi-tenant buildings with a few tenants lined-up in advance in redevelopment or infill locations.  With the exception of Prairiefire in Overland Park, and the redevelopment of Truman Corners in Grandview, Missouri and Wyandotte Plaza in Kansas City, Kansas, this is anticipated to continue over the next couple of years. We can continue to expect to see more infill and redevelopment, mostly on a smaller scale as larger, new developments continue to seek economic incentives to help with development costs.

Day 5: 12 Days of the Market Report: Kansas City Wins IKEA

In September, IKEA announced that they had chosen Kansas City over St. Louis for the location of a new store, due to open in 2014. Merriam Town Center sold to IKEA for a 349,000 square foot store on the site of Meriam Village, a $73.5 million vacant shopping center. They will demolish the center developed in 2008 aimed at housing Circuit City prior to their demise.