WICHITA
Q1 2022 MARKET UPDATE
1330 E. Douglas | Wichita, KS 67214 | naimartens.com | (316) 262 0000
WICHITA, KANSAS
Q1 2022 | OFFICE OVERVIEW VACANCY
-0.4%
Δ from Q4 '21
ABSORPTION
RENTAL RATE
40k SF
-1.2%
Δ from Q4 '21
Δ from Q4 '21
OFFICE MARKET REVIEW
INVENTORY (SF)
8,969,000 CONSTRUCTION DELIVERED
14,000
NOTABLE Q1 TRANSACTIONS
The Wichita office market continued to recover through the beginning of 2022. 40,000 square feet of space filled up despite the delivery of 14,000 square feet of new space as people returned to the workplace and their normal day to day lives.
LEASED Patrick Ahern leased the 3,472 SF multi-tenant office space located at 1625 N Waterfront Place, Wichita, KS
SOLD Tom Johnson and Patrick Ahern sold the 22,000 SF free-standing office space located at 3531 N. Ridge Rd., Wichita, KS
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LEASED Patrick Ahern leased the 5,069 SF multi-tenant office space located at 8621 E. 21st St. N., Wichita, KS
Source:
WICHITA DEMOGRAPHICS
POPULATION 639,668
HOUSEHOLDS 247,011
MEDIAN HOUSEHOLD INCOME $58,333
1330 E. Douglas Ave. | Wichita, Kansas 67214
MEDIAN AGE 36.2
UNEMPLOYMENT RATE 3.7%
WICHITA, KANSAS
Q1 2022 | INDUSTRIAL OVERVIEW VACANCY
-0.6%
Δ from Q4 '21
ABSORPTION
RENTAL RATE
-67k SF
+0.8%
Δ from Q4 '21
Δ from Q4 '21
INDUSTRIAL MARKET REVIEW
INVENTORY (SF)
10,619,000 PLANNED/UNDER CONSTRUCTION
1,646,706
NOTABLE Q1 TRANSACTIONS
Q1 2022 set a breakneck pace for Wichita's industrial real estate market in 2022. Industrial sector employment made up 800 of the 2,600 jobs added to the Wichita metropolitan area during the first quarter of 2022. This shows a major change of pace as on average the industrial sector in Wichita has averaged a loss of 868 jobs annually since the beginning of 2018.
SOLD Grant Glasgow sold the 38,900 SF general industrial space located at 4343 S West St., Wichita, KS
How does this translate into the real estate market? Rental rates are up by almost 1% and over 1.6 million square feet of space are either planned or already under construction. 2022 looks to be an even stronger year for Wichita's industrial sector than 2021.
SOLD Scott Salome sold the 25,183 SF industrial warehouse space located at 934 S West St., Wichita, KS
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SOLD Ryan Hubbard and Grant Glasgow sold the 18,456 SF industrial warehouse space located at 1623 S McComas St., Wichita, KS
Source:
WICHITA INDUSTRIAL STATISTICS
REGIONAL EMPLOYMENT BASE 380K
HOUSEHOLDS 247,011
MEDIAN HOUSEHOLD INCOME $58,333
1330 E. Douglas Ave. | Wichita, Kansas 67214
ENERGY RATES COMPARED TO NAT'L. AVG. -8.5%
NAT'L MANUFACTURING JOBS RANKING #1
WICHITA, KANSAS
Q1 2022 | RETAIL OVERVIEW VACANCY
-0.01% Δ from Q4 '21
ABSORPTION
RENTAL RATE
5k SF
+0.1%
Δ from Q4 '21
Δ from Q4 '21
RETAIL EXPERT INSIGHT
INVENTORY (SF)
6,846,000 PLANNED/UNDER CONSTRUCTION
1,217,544
NOTABLE Q1 TRANSACTIONS
“National retail remained strong in Q1 ’22 despite some continued supply chain issues. Local retailers/restaurants held up in Q1, staffing remains the number 1 challenge.” - Troy Farha
SOLD Drew Gannon and Miles Osborne sold the 204,342 SF retail center located at 2120 N Woodlawn Blvd., Wichita, KS
LEASED Troy Farha and Patrick Ahern leased the 10,991 SF freestanding retail space located at 11006 E Kellogg St., Wichita, KS
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LEASED Grant Glasgow leased the 13,600 SF retail center located at 3570 N Woodlawn Blvd Ste 300, Wichita, KS
Source:
WICHITA RETAIL STATISTICS
MEAN ANNUAL SPENT APPAREL $1,744
MEAN ANNUAL SPENT ENTERTAINMENT $2,605
PER CAPITA INCOME $29,270
1330 E. Douglas Ave. | Wichita, Kansas 67214
MEAN ANNUAL SPENT DINNER EATING OUT $1,444
MEAN ANNUAL SPENT LUNCH EATING OUT $964
WICHITA, KANSAS
Q1 2022 | SUBMARKET BREAKDOWN
Submarket
Vacancy
Total Inventory
Asking Rent
Greenwich Retail Corridor
1.87%
1,051,257 SF
$21.29
NE Class A Office
15.94%
523,606 SF
$21.75
Core Office
19.55%
3,795,070 SF
$12.98
Core Retail
6.96%
1,575,148 SF
$12.23
1330 E. Douglas Ave. | Wichita, Kansas 67214
WICHITA, KANSAS
Q1 2022 | EXPERT INSIGHT
On the Q1 2022 Wichita Market: "The first quarter of 2022 continued the momentum of the incredibly hot market we had throughout 2021. Inventory has remained low for the amount of demand that has existed in the market, which has driven up pricing.
GRANT GLASGOW, SIOR
" -Grant Glasgow, SIOR
President
SCOPE OF EXPERIENCE
Grant has over 20 years of commercial real estate experience with a wide range of expertise in industrial and office representation. He is a graduate of Wichita State University with a Bachelor’s Degree in Entrepreneurship with an emphasis in Real Estate. Grant was named one of Wichita Business Journal’s 40 Under 40 and has been recognized as part of Wichita’s Emerging Leaders program in conjunction with the Kansas Leadership Center.
1330 E. Douglas Ave. | Wichita, Kansas 67214
WICHITA, KANSAS
Q1 2022 | FEATURED TRANSACTION SOLD SOLD:
3/11/2022
OCCUPANCY AT SALE:
64%
SF:
204,342
BRITTANY CENTER ABOUT THE DEAL: “The buyer saw great upside in the center that
DREW GANNON
was almost 40% vacant at acquisition. In the first two months since their purchase, they
CONTACT Office | 316.847.4918 Mobile | 316.680.1108 DGannon@NAIMartens.com
have leased over 20,000 SF Of space! The value-add retail market continues to be strong for landlords who are willing to be creative with their leases” - Miles Osborne
MILES OSBORNE CONTACT Office | 316.928.8613 Mobile | 316.652.5186 mosborne@naimartens.com
1330 E. Douglas Ave. | Wichita, Kansas 67214
WICHITA, KANSAS
Q1 2022 | SALE HIGHLIGHTS SOLD The Landing at Woodlawn Tower
SOLD: ADVISORS: UNITS:
1/13/2022 Nathan Farha, Jeff Englert, Trent Garman 192
SOLD RelaDyne
SOLD: ADVISORS: SF:
3/28/2022 Grant Glasgow 38,900
SOLD Berkshire Hathaway Building
SOLD: ADVISORS: SF:
1330 E. Douglas Ave. | Wichita, Kansas 67214
1/1/2022 Tom Johnson, Patrick Ahern 22,000
WICHITA, KANSAS
Q1 2022 | LEASE HIGHLIGHTS LEASED North Woodlawn Retail Center
SOLD: ADVISORS: SF:
1/1/2022 Grant Glasgow 13,600
LEASED Former Golden Corral - East Kellogg
LEASED:
3/25/2022
ADVISORS:
Troy Farha, Patrick Ahern
SF:
10,991
LEASED Stinson Building
LEASED:
2/22/2022
ADVISORS:
Patrick Ahern
SF:
1330 E. Douglas Ave. | Wichita, Kansas 67214
3,472
MEET OUR TEAM
Grant Glasgow, SIOR
Andrew Braun
President & NAI Director
CEO
Steven J. Martens, CPM, CCIM, SIOR
Thomas Johnson, CRE
Jeff Englert
Nathan Farha, CCIM
Kris Wessel
Patrick Ahern, CCIM, SIOR
Troy Farha
Scott Salome, SIOR
Ryan Hubbard
Trent Garman
Drew Gannon
Stephen Yowell
Miles Osborne
Trevor Stacy
Stephanie Wiens