The last few years Kansas City has added an average of 4 million sq. ft. of spec development annually. Throughout 2016, 7.5 million sq. ft. of speculative space was added to the Kansas City inventory, a record amount of spec construction for the market. As for 2017, the pipeline of new projects looking at the region is strong. Rough numbers show close to 7 million sq. ft. of project requirements eager to make a decision this year.
GlobeSt.com recently reported the Kansas City region is one of the nation’s top distribution hubs, highlighting the recent announcement of Spectrum Brands at Logistics Park Kansas City in Edgerton, Kan.
“Spectrum was looking to maximize the efficiency of their operations,” Tim Cowden, president and chief executive officer, Kansas City Area Development Council, tells GlobeSt.com. “And consolidating at LPKC allows them to reach the vast majority of their customers in the United States from one location.”
“It’s truly amazing what’s going on in this market,” Cowden says. About nine million square feet of spec industrial space has been absorbed in the past few years, most of it associated with e-commerce or logistics. “The deal velocity is extraordinary; the hits just keep coming. I expect that we will have more announcements like Spectrum’s in 2017.”
Read the full article.