Q1 2024 Market Overview

2024

OVERALL MARKET

CONSTRUCTION ACTIVITY

Notable announcements and deliveries in Q1 of 2024 included:

Charlotte Pipe and Foundry Co. broke ground on an $80-million plant in Maize. The 174,000 SF steel building should be completed within 15 months. The $22-million outdoor expansion at Exploration Place broke ground for the amphitheater this March. The amphitheater is set to be compete in September for the annual Drone Light Festival. Hutton Development is renovating the former American Legion Building at 126 N. St. Francis. The company aims to transform the 14,000 square-foot space into an attractive commercial property. The targeted completion date is mid-2024.

EPC Real Estate Group is spearheading a development project adjacent to the home of the Wichita Wind Surge baseball team. This development will feature a hotel, luxury apartment building, a large parking garage and 10,000 SF of retail space.

Construction is starting on the east side for TapNPaddles, a new pickleball venue. The venue is hoping for construction to be done by September or October.

New Jersey-based GAF, a national roofing manufacturing company announced that it will break ground in June on a 275,000 SF shingle plant in North Newton.

OFFICE Q1 2024

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HIGHLIGHTS

During Q1 of 2024, strides were made towards the all new Downtown Wichita Biomedical Campus. The $300-million project shared its first renderings in January and has set an expected completion date; fall of 2026.

Armstrong Chamberlin has a new home in downtown Wichita. The marketing firm made the move from their former Haysville location into 1900 E. Douglas this quarter.

Simmons Bank announced that it will bring a 15,000 SF branch location to the Union Station Campus at 701 N. Douglas. The project is expected to be completed by the end of 2024.

RETAIL Q1 2024

HIGHLIGHTS

Eaton Place will be home to several new stores and vendors in the coming months, including a new bar. Janelle King will be bringing Bubbles, a champagne bar to Eaton Place

Southeast Wichita is getting a new retail center.

Parklane Shopping Caner will be a 7,000 sf strip center just north of Harry St. The construction is set to be done in August.

Day Off Nail & Lash Studio is set to move downtown into the first floor of the high profile apartment development; 225 Sycamore. The move from a 420 SF space to a 2,725 SF space will allow expansion, including 6-7 private suites.

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With the completion a 30,000 SF expansion at their Hoover Road facility Rand Graphics will be consolidating all operations under one roof

Western Hydro, a national provider for water equipment an supplies, moved to Wichita this quarter. The building at 818 E. Orme St. will be used as a warehouse and for offices.

Real Estate developer, Lou Robelli, received approval for a $150-million development project in Park City. It will involve 10 buildings, totaling 200,000 square feet each. Construction on the first building started in April, but the whole project will roughly take 10 years to complete.

Wichita Submarkets

NAI Martens is the largest full-service commercial real estate firm in Kansas. Founded in 1948 and headquartered in Wichita, NAI Martens provides a vast array of commercial real estate services throughout south-central Kansas. President Grant Glasgow, SIOR leads a team of professionals with over 150 years of combined commercial real estate experience.