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Friday, February 8, 2019
Cover Story: What's the outlook for KC real estate in 2019?


By: Miranda Davis

Source: https://www.bizjournals.com/kansascity/news/2019/02/08/cover-story-whats-next-for-kc-real-estate.html

Bringing that many units online is affecting the market, according to Block Real Estate Services’ 2019 report.

“The economy is doing historically well, but with so many units coming available and needing to be absorbed, we’re starting to see some statistics change directions,” the report said. “Rent growth has decelerated and concessions have become more common across the metropolitan area.”

There are 8,357 units under construction throughout the area, and 4,780 units were absorbed in late 2017 and 2018, according to Block.

With 3,578 units absorbed in 2018, vacancy rates fell to 6.7 percent, compared with 7.9 percent the previous year.

Market rents increased last year but at a slower pace than in previous years. The average rent is $950, up from $934 in 2017.

In Johnson County, the proximity of top employers continues to make the apartment market competitive, with about 3,000 units under construction.

Full Article: https://www.bizjournals.com/kansascity/news/2019/02/08/cover-story-whats-next-for-kc-real-estate.html

Tags:    Kenneth G. Block   Block Real Estate Services   Commercial Real Estate   commercial developers   BRES