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
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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