WICHITA
Q2 2022 MARKET UPDATE
1330 E. Douglas | Wichita, KS 67214 | naimartens.com | (316) 262 0000
WICHITA, KANSAS
Q2 2022 | OFFICE OVERVIEW VACANCY
-0.4%
Δ from Q1 '22
ABSORPTION
RENTAL RATE
36k SF
1.5%
Δ from Q1 '22
Δ from Q1 '22
OFFICE MARKET REVIEW
INVENTORY (SF)
8,969,000 PLANNED CONSTRUCTION
228,000
NOTABLE Q2 TRANSACTIONS
The Wichita office market is seeing a "flight to quality" with a higher demand for Class A office space. As companies who are returning to the office evaluate their needs, they may be looking to take a little less space, but the space they take is higher quality.
LEASED Patrick Ahern leased 3,800 SF in the Stinson Building at 1625 N. Waterfront Pkwy
LEASED Miles Osborne leased 6,000 SF at 1425 E. Douglas Ave.
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SOLD Trent Garman, Jeff Englert and Nathan Farha sold this 5,760 SF property at 529 S. Anna St.
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
Q2 2022 | INDUSTRIAL OVERVIEW VACANCY
-1%
Δ from Q1 '22
ABSORPTION
RENTAL RATE
112k SF
-0.1%
Δ from Q1 '22
Δ from Q1 '22
INDUSTRIAL MARKET REVIEW
INVENTORY (SF)
10,619,000 PLANNED CONSTRUCTION
2,142,506
NOTABLE Q2 TRANSACTIONS
While the national industrial market is showing signs of cooling, the Wichita industrial market continues to remain extremely active despite any headwinds from inflation or interest rate concerns. Evidence of this was seen in the recent announcement of a 195,000 SF tenant in the ICT21 industrial district, JTM Foods.
LEASED Scott Salome leased the 12,890 SF industrial flex space located at 222 W Murdock, Wichita, KS
Wichita continues to remain well suited for future industrial growth based on local investments in the workforce such as WSU Tech and Deloitte's The Smart Factory on the Wichita State Innovation Campus
SOLD Scott Salome and Steve Martens leased the 41,500 SF industrial flex space located at 3450 N. Rock Rd, Wichita, KS
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SOLD Patrick Ahern leased the 8,000 SF industrial warehouse space located at 1837 S. Anna, 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
Q2 2022 | RETAIL OVERVIEW VACANCY
-0.01% Δ from Q1 '22
ABSORPTION
RENTAL RATE
5k SF
+0.1%
Δ from Q1 '22
Δ from Q1 '22
RETAIL EXPERT INSIGHT
INVENTORY (SF)
6,846,000 PLANNED/UNDER CONSTRUCTION
1,217,544
NOTABLE Q1 TRANSACTIONS
The industrial sector is not the only bright spot in the Wichita market, retail space and restaurant space (especially with a drive-thru component) have filled up quickly.
SOLD Troy Farha sold the 3,708 SF Freddy's located at 2121 S Princeton, Ottawa, KS
Areas such as N. Greenwich Road (from 21st to 37th) and N. Maize Road (from 39th to 45th) on the West side as well as areas in Derby continue to see rapid growth.
LEASED Miles Osborne and Drew Gannon leased the 10,782 SF power center retail space located at 20202120 N Woodlawn, Wichita, KS
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LEASED Troy Farha and Trevor Stacy sold the 14,958 SF urban retail center located at 23202330 E. Douglas, 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
Q2 2022 | SUBMARKET BREAKDOWN
Submarket
Vacancy
Total Inventory
Asking Rent
Greenwich Retail Corridor
1.67%
1,038,906 SF
$21.29
NE Class A Office
8.46%
427,131 SF
$21.75
Core Office
10.75%
3,986,521 SF
$13.18
Core Retail
5.66%
1,694,571 SF
$13.68
1330 E. Douglas Ave. | Wichita, Kansas 67214
WICHITA, KANSAS
Q2 2022 | SALE HIGHLIGHTS SOLD Bel Aire Industrial Park
SOLD: ADVISORS: ACRES:
5/27/2022 Ryan Hubbard, Grant Glasgow 150
SOLD 2320- 2330 E. Douglas
SOLD:
4/21/2022
ADVISORS:
Troy Farha
SF:
14,958
SOLD Brittain Machine
SOLD: ADVISORS: SF:
1330 E. Douglas Ave. | Wichita, Kansas 67214
6/28/2022 Scott Salome 72,304
WICHITA, KANSAS
Q2 2022 | LEASE HIGHLIGHTS LEASED Konica Minolta
SOLD: ADVISORS: SF:
5/23/2022 Scott Salome 12,890
LEASED Brittany Center
LEASED: ADVISORS: SF:
4/12/2022 Miles R. Osborn Drew Gannon 10,782
LEASED North Rock
LEASED: ADVISORS: SF:
1330 E. Douglas Ave. | Wichita, Kansas 67214
6/7/2022 Scott Salome Steve Martens 41,500
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