NAI Martens Q4 2022 Market Update

WICHITA

Q4 2022 MARKET UPDATE

1330 E. Douglas | Wichita, KS 67214 | naimartens.com | (316) 262 0000

WICHITA, KANSAS

Q4 2022 | OFFICE OVERVIEW VACANCY

-0.1%

ABSORPTION

RENTAL RATE

0.3%

11,000 SF

from Q3 '22

from Q3 '22

OFFICE MARKET REVIEW

INVENTORY (SF)

8,997,000 PLANNED CONSTRUCTION

436,485

NOTABLE Q4 TRANSACTIONS

In addition to tenants looking for higher quality space, landlords are having to get 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 become more the norm.

SOLD Grant Glasgow and Patrick Ahern sold 12,150 SF of space at 1841 N. Rock Road Ct, Wichita, KS.

As the year drew to a close, Class A office space in Northeast Wichita had lower vacancy rates compared to other areas in Wichita.

LEASED

Scan to view our office listings

LEASED

Patrick Ahern leased 4,704 SF of Building C in Executive Park West at 2118 N. Tyler, Wichita, KS.

Ryan Hubbard leased 2,960 SF of Mosley Street Place office space on 230 N. Mosley, 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

Q4 2022 | INDUSTRIAL OVERVIEW VACANCY

-3.2%

ABSORPTION

RENTAL RATE

+1.4%

391,000 SF

from Q3 '22

from Q3 '22

INDUSTRIAL MARKET REVIEW

INVENTORY (SF)

10,849,000 PLANNED CONSTRUCTION

2,066,659

NOTABLE Q4 TRANSACTIONS

Reflecting national trends, industrial continued to be the most active in the market with positive net absorption, vacancy continuing to decrease, and rental rates increasing.

LEASED Ryan Hubbard leased 6,400 SF at 1213 S. Washington, Wichita, Kansas.

One potential headwind for the industrial market is the lack of inventory. Outside of projects in ICT21, the Ironhorse Development and the Webb Industrial park, there is very little product that will be delivered in 2023 and more is needed to keep up with continued demand.

LEASED Scott Salome leased 72,714 SF, at 2516 & 2520 S Sheridan, Wichita, Kansas.

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SOLD Grant Glasgow sold 125,478 SF located at 1020 E 19th Street N., et al. assemble of 63 parcels.

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

Q4 2022 | RETAIL OVERVIEW VACANCY

--

ABSORPTION

RENTAL RATE

0k SF

6,846,000

--

from Q3 '22

PLANNED/UNDER CONSTRUCTION

from Q3 '22

RETAIL EXPERT INSIGHT

INVENTORY (SF)

689,800

NOTABLE Q4 TRANSACTIONS SOLD

The retail sector was flat in the fourth quarte with no net absorption, unchanging rents and no movement in the market vacancy rates.

Trevor Stacy and Grant Glasgow leased 2,821 SF in the former District Taqueria space at 917 E. Douglas, Wichita, KS.

Q4 was a mixed bag for retail in Wichita, with the long-awaited opening of TopGolf and sudden closing of Torchy's Tacos.

SOLD Trevor Stacy and Grant Glasgow leased 1,116 SF in the Oz Landing center at 2110 N Maize Road, Wichita, KS.

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LEASED Miles Osborne and Drew Gannon leased 4,979 SF retail space at 3511 10th St, Great Bend, 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

Q4 2022 | SALE HIGHLIGHTS SOLD White Oak Fourplexes

SOLD: ADVISORS: Units:

12/6/2022 Trent Garman, Jeff Englert, Nathan Farha

16

SOLD All Seasons RV Park

SOLD: ADVISORS: Units:

10/14/2022 Stephen Yowell 53

SOLD Waterfront 4th Add. Tract K

SOLD: ADVISORS: SF:

1330 E. Douglas Ave. | Wichita, Kansas 67214

10/27/2022 Steve Martens 13,775

WICHITA, KANSAS

Q4 2022 | LEASE HIGHLIGHTS LEASED Rock Business Park

LEASED:

12/30/2022

ADVISORS:

Ryan Hubbard

SF:

1,200

LEASED 2081 N Webb Road

LEASED:

12/13/2022

ADVISORS:

Patrick Ahern

SF:

2,967

LEASED District Taqueria

LEASED:

11/30/2022

ADVISORS:

Trevor Stacy, Grant Glasgow

SF:

1330 E. Douglas Ave. | Wichita, Kansas 67214

2,821

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

Sam Steincamp