The current outlook for office space in Kansas City, Missouri is not very bright. The city has a number of problems with office space rentals and leasing executive office suites, commercial buildings, and listings in business parks. The vacancy rate is high, but rents are very low according to recent statistics. Many projects that were originally planned to start in the past year were put on hold. Some projects were cancelled again because they weren’t economically feasible. The terms of the lease (long term/monthly), the location and desired amenities will all affect the cost and availability of office space.
Crossroads, Council Grove and Platte City are the areas that primarily cater for office space in Kansas City. Officials anticipate two downtown corporate tower/business buildings to be approved in Kansas City. The much-anticipated Convention Center Hotel is also due to open in downtown Kansas City. This project faces one final hurdle: finding the right location. However, the 2011 completion date seems a little uncertain. It would have 1000 rooms and be a 4-story building. This building is causing quite a stir in the region.
A significant effort is being made to revitalize the City’s office space. This includes the construction of the hotel. Kansas City’s skyline would be transformed by the Kauffman Center for the Performing Arts. It covers an area of 285, 000 sq. ft. and has 2 performance venues. It would be a landmark architectural symbol in the area. Even though all these projects are being discussed, the situation in business storage space is not very positive. Businesses often lack storage space when special events such as seminars or conferences are held. Kansas City has a shortage in office space when it comes to relocating, renovating or expanding offices.
Keep in mind, business storage units can be more than just a lock and store unit. Additional amenities such as internet connectivity, fax, conference room and climate control are needed. These additional amenities are easy to obtain for people in Overland Park. Leasing office space is lucrative only when the economy is strong. Kansas City is not doing well on this front. The city’s job growth rate has declined to 10.9%, and the unemployment rate at 10.9%.
The city’s diverse business base has helped to minimize losses. This has helped to keep the Kansas City office space market alive. This region is home to many Fortune 1000 and Fortune 500 companies, including Sprint Nextel Corporation as well Russell Stover Candies.