WICHITA
Q3 2022 MARKET UPDATE
1330 E. Douglas | Wichita, KS 67214 | naimartens.com | (316) 262 0000
WICHITA, KANSAS
Q3 2022 | OFFICE OVERVIEW VACANCY
-0.2%
Δ from Q2 '22
ABSORPTION
RENTAL RATE
22k SF
1.5%
Δ from Q2 '22
OFFICE MARKET REVIEW
INVENTORY (SF)
8,997,000 PLANNED CONSTRUCTION
449,295
NOTABLE Q3 TRANSACTIONS
In addition for tenants looking for higher quality space, landlords are having to go more creative with amenities to create spaces where workers want to come to. The addition of more attractive common areas, gyms, and coffee and snack bars may be more common.
LEASED Ryan Hubbard leased suites 103 and 104 of the Cornerstone Business Park o E 37th Street in Wichita, KS. These make a combined 3,600 SF.
LEASED Troy Farha and Drew Gannon leased 47,078 SF of retail space at 2057 N Rock Road, Wichita, KS.
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SOLD Steve Martens sold two neighboring lots totaling at 123,853 SF on 37th & Ridge, Wichita, KS.
Source:
WICHITA DEMOGRAPHICS
POPULATION 650,684
HOUSEHOLDS 253,936
MEDIAN HOUSEHOLD INCOME $61,804
1330 E. Douglas Ave. | Wichita, Kansas 67214
MEDIAN AGE 35
UNEMPLOYMENT RATE 3.0%
WICHITA, KANSAS
Q3 2022 | INDUSTRIAL OVERVIEW VACANCY
-1.2%
Δ from Q2 '22
ABSORPTION
RENTAL RATE
130k SF
2.5%
Δ from Q2 '22
INDUSTRIAL MARKET REVIEW
INVENTORY (SF)
10,669,000 PLANNED CONSTRUCTION
3,946,554
NOTABLE Q3 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 Grant Glasgow leased a 19,200 SF office center at 3590 N Woodlawn, 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 Drew Gannon sold 1.1 acres of land for commercial development in Goddard Kansas.
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SOLD Grant Glasgow sold a 11,968 SF former Harley Davidson dealership located at 7800 W. Kellogg.
Source:
WICHITA INDUSTRIAL STATISTICS
REGIONAL EMPLOYMENT BASE 320K
HOUSEHOLDS 253,936
MEDIAN HOUSEHOLD INCOME $61,804
1330 E. Douglas Ave. | Wichita, Kansas 67214
ENERGY RATES COMPARED TO NAT'L. AVG. -4%
NAT'L MANUFACTURING JOBS RANKING #1
WICHITA, KANSAS
Q3 2022 | RETAIL OVERVIEW VACANCY
-0.1%
Δ from Q2 '22
ABSORPTION
RENTAL RATE
12k SF
0.1%
Δ from Q2 '22
RETAIL EXPERT INSIGHT
INVENTORY (SF)
6,846,000 PLANNED/UNDER CONSTRUCTION
740,950
NOTABLE Q3 TRANSACTIONS SOLD
The retail sector is doing well with a plethora of new businesses opening in Wichita. These range from a new Genesis dealership at 757 N. Tyler to the new Dutch Bros coffee at Greenwich Place.
Drew Gannon sold 59 storage units at 713 W. 7 Avenue in Augusta, KS
LEASED Ryan Hubbard leased a 9,216 SF warehouse at 1623 McComas Street, Wichita, KS.
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LEASED Ryan Hubbard and Troy Farha leased a 6,658 SF retail space at 1930 S Oliver, Wichita, KS.
Source:
WICHITA RETAIL STATISTICS
MEAN ANNUAL SPENT APPAREL $2,020
MEAN ANNUAL SPENT ENTERTAINMENT $3,031
PER CAPITA INCOME $34,748
1330 E. Douglas Ave. | Wichita, Kansas 67214
MEAN ANNUAL SPENT EATING OUT $3,574
MEAN ANNUAL SPENT EATING IN $5,130
WICHITA, KANSAS
Q3 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
Q3 2022 | SUBMARKET BREAKDOWN
On the Q3 2022 Wichita Market: "In the third quarter the Wichita office market was experiencing a flight to quality, as some tenants were downsizing their spaces. This increase in their building quality and
Patrick Ahern, CCIM, SIOR VP – Office Services
SCOPE OF EXPERIENCE
Patrick has been an active in the commercial real estate market for more than 35 years. He is skilled in transaction structuring, financing and investment maximization. Patrick has a history of increasing property value through identifying and securing tenants. His proven record of accomplishments is backed by excellent communications and negotiation skills. He recently completed ten GSA transactions totaling more than $50 million.
1330 E. Douglas Ave. | Wichita, Kansas 67214
amenities makes for a better office experience that will help with recruitment and retention of employees. Raising interest rates and increased construction costs will delay or terminate building to suite office projects. Those employees worried about layoffs may choose to work from the office more often to increase visibility." -Patrick Ahern, CCIM, SIOR
WICHITA, KANSAS
Q3 2022 | FEATURED TRANSACTION LEASED LEASED:
9/14/2022
SF:
195,000
JJ's Bakery ABOUT THE DEAL: “JJ’s Bakery went through a multi-state site selection process to expand the production and distribution of their signature hand pie products. Wichita and the ICT 21 development were ultimately selected thanks to a tremendous team effort between the developer, the City of Wichita, the Greater Wichita Partnership and the Kansas Secretary of Commerce. This lease also helped solidify the redevelopment and revitalization of the I-135 and 21st Street area.” - Grant Glasgow, SIOR
GRANT GLASGOW, SIOR
CONTACT Office | 316.847.4918 Mobile | 316.304.8806 GGlasgow@NAIMartens.com
1330 E. Douglas Ave. | Wichita, Kansas 67214
WICHITA, KANSAS
Q3 2022 | SALE HIGHLIGHTS SOLD El Paso Crossing 63rd and Rock
SOLD: ADVISORS: ACRES:
7/28/2022 Grant Glasgow 23.73
SOLD Red Wing Center
SOLD: ADVISORS: SF:
7/7/2022 Ryan Hubbard 9,780
SOLD East Turnpike Entrance Addition
SOLD: ADVISORS: ACRES:
1330 E. Douglas Ave. | Wichita, Kansas 67214
8/24/2022 Grant Glassgow 10.7
WICHITA, KANSAS
Q3 2022 | LEASE HIGHLIGHTS LEASED GE Aviation
LEASED: ADVISORS: SF:
7/8/2022 Scott Salome 230,000
LEASED 2652 S. Eastmoor Street
LEASED:
9/16/2022
ADVISORS:
Scott Salome
SF:
120,000
LEASED 2755 S. Eastmoor Street
LEASED:
9/16/2022
ADVISORS:
Scott Salome
SF:
1330 E. Douglas Ave. | Wichita, Kansas 67214
80,850
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