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Kansas City retail occupancy at 91.7%: Report

 

The Kansas City Metropolitan Area will experience cautious and conservative retail growth in 2017, according to locally based LANE4 Property Group's report.

 

Retailers and developers alike are moving a little more slowly than pre-recession, and practicing particularly careful evaluation of projects before moving forward, the report says.

 

New development is scant, but many tired centers are getting refreshed in the city's highest traffic submarkets, according to the firm.

 

Another trend seen across the metro is the strength of local businesses and restaurants which provide a unique experience that many national chains lack, the report says. 

 

The report says leasing and shopping center data highlights a general growth in the Kansas City retail market. In particular, taxable sales by county increased across the board from 2015 to 2016.

 

The overall occupancy rate of the metro area's retail properties rose to 91.7%, the firm reports. Average lease rates in all types of shopping centers also increased, with the exception of strip centers, whose occupancy skyrocketed compared to last year.

 

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