2018 Sector Update

PCEDC Staff News

Industrial Market

  • Vacancy for the fourth quarter of 2017 for Platte County’s industrial sector was 4.8%, down from 10.8% in the fourth quarter of 2016. Net absorption for the quarter was 497,164, according to the CBRE Kansas City Industrial Report. The vacancy rate in Platte County has dropped from 15.6% since 3Q 2016.
  • Fourth quarter 2017 transactions in Platte County include Crane Worldwide Logistics, which leased a 216,562 SF building in the KCI Intermodal BusinessCentre. In Riverside Horizons, the 412,065 SF spec warehouse Riverside Horizons IV is 100% leased.
  • Other recent transactions in Platte County include BMS Logistics leasing the 433,000 SF Logistics IV building in the KCI Intermodal BusinessCentre, and Panasonic leased the 121,000 SF building at 10800 North Ambassador which was previously the Lifetouch Publishing building. Extensive work has been done on the building and parking lots on both sides.
  • Construction of a 100,000 SF speculative building is underway in Riverside Horizons, while at the KCI Intermodal BusinessCentre, the 202,800 SF LogisticsCentre III broke ground in late 2017, and the 442,280 SF Logistics Center V is expected to break ground in second quarter 2018.
  • Recent expansions in Platte County’s industrial sector include Premium Waters, which added a new line and added an additional 38 jobs in 2017. Kansas City Sausage is also undergoing an expansion to add an additional 15,000 square feet for another production line and additional employee areas.

Office Market

  • Platte County’s office market vacancy dipped in 2017 to 21%, according to Costar statistics. The rate has decreased significantly since 2013 when it hit 32%. The 5-year average is now 26.6%
  • 2017 office successes in Platte County included Saving Sight, the International Academy of Science and ROSNET. Non-profit Saving Sight acquired the majority of Equity Plaza and work is set for completion by late 2018. The office will employ 55 staff in the Platte County office. Move-in date was Dec 11.
  • Biolife Plasma Services, part of the Baxter Pharmaceuticals, will build a 17,000 SF building at Tiffany Springs East with an eye to opening in mid-2018. The company will employ 100 people.
  • Garver expanded their presence and is now residing in a 6000 SF space in the Affinity Enterprise Group buildings.

Retail Market

  • Platte County’s retail vacancy was 4.3% for 4Q 2017, according to stats from Newmark Grubb Zimmer. The county’s total net absorption in 2017 was 217,672 square feet, an increase of 63% over 2016 figures, making it the third highest amount of year to date net absorption in the Kansas City metro. Total asking rents also increased from $12.47 a SF in 4Q2016 to $14.80 per SF in 4Q2017.
  • New stores are coming in leaps and bounds into Platte County and include:
  • Eileen’s Colossal Cookies is now open at Boardwalk Square.
  • Firenza Pizza opened at Shops at Boardwalk on November 14. It’s the first one in the metro.
  • Chipotle is now open Tremont Square on 64th The new Wendy’s off 64th Street and N Chatham Avenue is now open.
  • Raising Cane’s opened in the Tiffany Springs East development. A Better Wash is under construction.
  • Texas Roadhouse opened at the Edgewood Farms development located near I-29 and Barry Road. The restaurant joined Main Event Entertainment and Freddy’s Frozen Custard and Steakburgers.
  • Red Robin will soon open at Zona Rosa.
  • Hillcrest Thrift Shop is moving into the Picture Hills Shopping Center from its existing Prairie View Road location.

Residential Market

  • Home appreciation in Platte County is up 7.4% from 2016 according to the Kansas City Regional Association of REALTORS. The average Platte County home price in 2017 was $276,565.
  • Single-family residential building permits in Platte County were down slightly in 2017 compared with 2016. Total number of permits in 2016 was 471, compared with 490 in 2016.
  • Current multifamily developments in Platte County include Watermark at Tiffany Square with 292 units, and Greens at Tiffany Springs Apartments plan to break ground in summer 2018 with 264 units. Altitude 970, a Spanos project, is now open with 291 total units. In Parkville, Lake Pointe Lodge Apartments are 3-story, 46-unit apartment building, pool and associated improvements planned on the east side of MO-Hwy 9.