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KANSAS CITY — CITY HIGHLIGHTS Kristy Main, Paul Licausi, Jeffrey Berg and Brent W

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KANSAS CITY — CITY HIGHLIGHTS Kristy Main, Paul Licausi, Jeffrey Berg and Brent W CITY HIGHLIGHT, JANUARY 2008 KANSAS CITY — CITY HIGHLIGHTS Kristy Main, Paul Licausi, Jeffrey Berg and Brent W. Roberts Each month, Heartland Real Esate Business asks local experts to contribute to a City Highlight focusing on a region in the Midwest. Kansas City Multifamily Market he Kansas City multifamily market cators have begun to point to a correction occurred in north Overland Park, along markets surveyed by Real Capital Ana- Tis stable, with projections expected in motion. with a surprising increase in Wyandotte lytics’ as of November 2007, and reveals to be steady locally. However, widening While the Midwest investment market County, Kansas. that while Kansas City doesn’t have the the scope of comparison for a real estate is considered more stable than the coasts, Nationally, a shift in buyers shows highest cap rate, it does rank toward the market during periods of capital market it is occasionally overlooked due to slow- an increase in institutional and private top at 7.3 percent on 2007 sales and ap- change can be an eye-opener. er growth. In reality, Kansas City has clients. Data from Real Capital Analyt- praisals. These facts together indicate a Kansas City’s multifamily sector out- exceeded Torto Wheaton’s expectation ics’ November 2007 Apartment Capital greater buying power in the Kansas City look considers the standard measures for office-occupying jobs and is ranked Trends Monthly shows institutional buy- market, and capital efficient buyers have for commercial investment property — among the top 15 positive revisions, ers almost doubled market share nation- the greatest ability to take advantage of such as job growth, occupancy and rent alongside markets such as New York ally from January-August 2007 data com- that in light of current lending trends. growth — thus, providing a significant and San Francisco. This year, employ- pared with September-November 2007. The Kansas City and Midwest multi- amount of information about the market. ment growth is expected to increase 1.2 CBRE’s Capital Market data confirms family markets provide a compelling sto- However, in these times of capital market percent to 14,000 total employed, with a this volume trend in multifamily sales ry, not only locally but more importantly, change and down-turned housing mar- related improvement in personal income, when comparing 2007 year-to-date to from the national viewpoint. Consistency kets, additional data considered should which is consistent with national expec- the same period in 2006. Capital efficient and stability look the same now as last include investor funding capability and a tations. New apartment completions in buyers with less reliance on CMBS con- year to Midwesterners while changes in review of the local market as compared Kansas City, at 2,402 units, should mirror duits will more often be able to maintain other factors, such as the capital markets, to other regions. An expanded view of that of other national markets in keeping expected returns. This is confirmed with have provided certain investors with any market is helpful most anytime, but with the employment growth trend. An CBRE Capital Market data that shows greater incentive to consider assets with- it is critical for both buyers and sellers of increase of 1 percent, in apartment unit life, pension fund and advisors (LPFA); in this region. Buyers typically dependent multifamily in today’s market turmoil. absorption, is predicted. equity/opportunity funds; and foreign on CMBS conduits will be less likely to Nationally, economists report that the Vacancy and rent growth are very and private client buyers of multifamily compete on pricing in these regions com- overall effect of the down-turned housing similar to actual and forecast national assets are more often winning the busi- pared with those that don’t. Informed markets and resulting reduction in home data, with continued stabilized vacancy ness for which they bid with greater abil- sellers also benefit from understanding values will have less impact than the loss increasing marginally by 0.8 percent by ity now than a year ago. why certain investors shop Kansas City of jobs in housing construction and re- fall 2008. Also, rent growth is expected Interestingly, the Midwest has the markets. Sellers aware of property types tail. Torto Wheaton Research reports to hold steady at 2.2 percent, with the highest percentage of institutional buyers appealing to today’s buyers are enabled that, while the current housing market rent index projections at $714.78 per compared with any of the other markets. to make better decisions on pricing, mar- would normally cause a greater drag on unit. Current third-quarter 2007 Kansas Among the 10 primary Midwest mar- keting and buyer selection. the economy, the increased business-to- City market reports reveal that absorp- kets, Kansas City, at 41 percent, is sec- business spending, evidenced by “persis- tion is much greater in the Olathe, Kan- ond only to Chicago (52 percent) for the — Kristy Main is an investment tent office-occupancy services growth,” sas, and the outer Johnson County sub- amount of institutional investors active properties broker, specializing in has compensated for the difference. The markets, while rents are highest in three in the market. While these are certainly multifamily assets in the Kansas research concludes that, when coupled submarkets: central Kansas City, south interesting trends, we can’t overlook City, Missouri, office of CB Rich- with the low and steady unemployment Overland Park and Mission/Prairie Vil- the rest of the data. Kansas City has the ard Ellis. and increasing consumer spending, indi- lage, Kansas. The greatest rent growth lowest price per unit among all of the 59 KANSAS CITY OFFI C E MAR K ET s the Kansas City office market Is Colony trying to corner the Class Irecession proof? Despite national A suburban office market? Probably The other major Class A suburban reports showing a slow down in office not — at 800,000 square feet of Class office project under way is the Hilltop absorption rates in 2007 and further A office space, the company’s portfo- at Briarcliff office building, which is reduction in 2008, Kansas City seems lio would still lag behind Stoltz Real being developed by Briarcliff Develop- to be headed in the opposite direction. Estate Partners/Urdang Capital Invest- ment Company. The 220,000-square- The office market in Kansas City ment’s investment in the 2.2 million- foot, speculative development is located showed positive absorption of more square-foot, Class A Corporate Woods in the suburban market directly north than 1.5 million square feet in 2007 — office park, which is located a mile of Kansas City’s downtown. Currently more than one-third of this absorption west of College and Metcalf. Stoltz ac- under construction, this building will was in the Class A product sector. quired Corporate Woods in December deliver in July. The speculative building Colony Realty Partners is continu- 2006 for $128 per square foot. is currently 55 percent pre-leased, and ing to look at increasing its suburban These are high per square foot may soon have as much as 85 percent of Class A office holdings. In 2005, the numbers for this suburban Kansas the space pre leased with 8 months re- company purchased 7101 Tower on City market. With fewer landlords to maining on construction. This continues the southwest corner of College Bou- Briarcliff Development is building the compete with, expect to see Colony to show the market’s support for quality levard and Metcalf Avenue in Over- 220,000-square-foot Hilltop at Briarcliff and Stoltz push lease rates higher this product. land Park, Kansas, for approximately just north of downtown Kansas City. year. The average Class A rate is ap- With lease rates moving upward and $94 per square foot. This Class A proximately $21.50 per square foot, strong positive absorption, Kansas City’s still well below the $23.50 averages 2008 Class A office market appears to property totals approximately 230,000 per square foot for the market. Recent from 2000, before the tech crash. Light- be bucking the national trend. square feet. In June of last year, Colony information has Colony as a finalist for on Plaza, which is owned by NewTower also acquired Financial Plaza, a Class acquisition of Commerce Plaza I and II, Multi-Employer Property Trust, is near- — Brent W. Roberts is a first vice A office development on the north- a 280,000-square-foot, Class A office ly 95 percent leased, and has the highest president in the Kansas City, Mis- east side of College and Metcalf. This complex near the northwest corner of lease rate in College Boulevard corridor souri, office of CB Richard Ellis. 292,000-square-foot multi-building de- College and Metcalf. velopment set a high watermark of $154 at $23.50 per square foot. Kansas City Industrial Market hat’s the cause of all the buzz Group as the Logistics Park-Kansas City, Commercial Real Estate and Prime In- continues to occur. Wabout Kansas City? We are seeing and will include facilities with dedicated vestments have completed new buildings In addition to the activity in the dis- story after story in the national press and rail service as well as medium and large within the last 12 months. New develop- tribution arena, one industry has estab- Kansas City Multifamily Market numerous trade magazines — so, why box distribution and manufacturing fa- ment is occurring throughout the metro lished a large-scale and very successful all the hoopla? The short answer is that cilities. area; however, parts of the community corridor in the market. Kansas City has there’s a lot going on in the Kansas City Along with this major investment in that are seeing a higher concentration of become one of the top markets for com- real estate market that is worth talking the community by BNSF and The Allen activity are southern and western John- panies in the animal health industry, with about.
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