This year looks to be a strong one for retailers across the Midwest, judging by the retail reports coming from commercial real estate firms. The latest bit of good news comes from Kansas City-based LANE4 Property Group, which released its 2013 Kansas City Retail Report earlier this month.
According to the report, Kansas City brokers should expect a promising retail market in the region this year.
LANE4 reported that Class-A retail space today enjoys low vacancy rates and high demand. This has created a lack of quality space across the area. LANE4 says that this could lead to a rise in new construction in the region.
For 2012, shopping center retail space withink the Kansas City market fetched an average price of $12.88 a square foot. This sector also saw an improving vacancy rate of 11.9 percent.
LANE4’s report also higlights some of the Kansas City retail success stories of 2012. This includes the arrival in the market of such retailers as IKEA, FREEBIRDS World Burrito, outdoor retailer Moosejaw and Cooper’s Hawk Winery and Restaurant.
Things are looking so positive in Kansas City that LANE4 predicts that large-scale ground-up development in this sector, while still difficult to justify today, will be coming to the region over the next several years.
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