KANSAS CITY, MO—Another two tenants have just signed leases forspace at the WestLink Business Center at Hwy. K-7and 43rd St. in Shawnee, KS, bringing the recently completed170,000-square-foot speculative industrial building up to 100%occupancy. The building was completed in January and its lease-upillustrates just how vibrant the industrial real estate market isin this region.
In the third quarter local companies absorbed space at a pacenot seen in years, and the vacancy rates continued to fall,according to a recent study published by CassidyTurley. The data show that the industrial market's thirdquarter net absorption was 1.83-million-square-feet. The last timeit exceeded 1.5-million-square-feet was in the third quarter of2008, when tenants absorbed 2.36-million-square-feet of space.
“So far this year, a total of 3.01-million-square-feet of bulkand modern space has been added to the industrial market, and 77%of that has been speculative,” said Michael Mayer,managing principal in Cassidy Turley's Kansas City office. “By theend of the third quarter, 84% of that newly constructed spacealready had been leased or sold.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
