Wichita Q2 2022 Market Report

Page 1

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.

Scan to view our office listings

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

Scan to view our industrial listings

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

Scan to view our retail listings

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


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