房地产 -2025年第四季度堪萨斯城工业数据Kansas City Industrial Figures Q4 2025

CBRE

FIGURES|KANSASCITYINDUSTRIAL|Q42025

Netabsorptionfor2025exceeded

6.1millionsq.ft.

r4.9%

VacancyRate

360,044

SFNetAbsorption

1.6M

SFConstructionDelivered

3.5M

SFUnderConstruction

$5.49

NNN/YRDirectLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

SUMMARY

–Overallnetabsorptionpostedpositive360,044sq.ft.forQ42025,bringingthetotalfor2025to6.1millionsq.ft.

–Vacancyratesincreasedfrom4.2%to4.9%year-over-year,andincreasedfrom3.1%to4.9%overthepreviousthreeyears.

–FournewbuildingsweredeliveredinQ42025,threenewbuild-to-suitbuildingsweredeliveredwithatotalof1.25millionsq.ft.andonespeculativebuildingwith0.35millionsq.ft.

–Askingleaseratesintheoverallmarketdecreased3.5%year-over-year($5.68persq.ft.to$5.49persq.ft.).Overthepreviousthreeyearstheaverageaskingleaserateincreased3.4%($5.31persq.ft.to$5.49persq.ft.).

FIGURE1:HistoricalAbsorption,Deliveries,andVacancy

Sq.Ft.millionsVacancy%

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

NetAbsorptionDeliveriesVacancyRate

6

5

4

3

2

1

0

Source:CBREResearch,Q42025

1CBRERESEARCH©2025CBRE,INC.

FIGURES|KANSASCITYINDUSTRIAL|Q42025

2CBRERESEARCH©2025CBRE,INC.

AvailabilityRate

TheKansasCityindustrialmarketavailabilityratefinishedQ42025at5.7%,increasingfromtheQ32025averageof5.6%.Lookinglonger-termavailabilityratesfellfrom6.0%to5.7%year-over-year,andincreasedfrom3.4%to5.7%overthepreviousthreeyears.

TheCassCountysubmarkethadthelowestavailabilityrateintheoverallmetroat2.9%,

followedbyWyandotteCountyat3.5%.ThePlatteCountysubmarkethadthehighest

availabilityrateat9.6%,asignificantamountofspeculativedevelopmenthashadanespeciallylargeinfluenceonPlatteCountyduetoitsrelativelysmallsize.

SubleasespaceremainedsteadyinQ42025,withanavailabilityrateof0.6%.Intotaltherewasapproximately1.7millionsq.ft.ofsubleasespaceonthemarketinQ42025,withanaverage

sizeof56,548sq.ft.

AskingRent

Askingleaseratesdecreased3.5%($5.68persq.ft.to$5.49persq.ft)year-over-year.

TheJohnsonCountysubmarketledtheoverallmarketforaverageaskingleaserateat$6.19persq.ft.ClayCountyhadthehighestyear-over-yearincreaseinleaserates,increasing11.3%($5.19persq.ft.to$5.74persq.ft.).ClayCountyhadthelowestaverageratesat$4.75persq.ft.,

followedbyJacksonCountywithanaveragerateof$5.19persq.ft.

AskingratesvarybetweenthethreemajorindustrialtypeswithDistribution/Logisticsaveragerateof$5.43persq.ft.,Manufacturingaveragerateof$5.35persq.ft.,andR&D/Flexaveragerateof$12.75persq.ft.

FIGURE2:AvailabilityRates

AvailabilityRate(%)

7

6

5

4

3

2

1

0

一OverallDirectSublease

Source:CBREResearch,Q42025

FIGURE3:Avg.DirectAskingRate(NNN/YR)

$/SF

6.005.805.605.405.205.004.804.604.404.20

4.00

Source:CBREResearch,Q42025

FIGURES|KANSASCITYINDUSTRIAL|Q42025

3CBRERESEARCH©2025CBRE,INC.

NetAbsorption

TheKansasCityindustrialmarketpostedpositive376,184sq.ft.forQ42025,trailingthe1.4

millionsq.ft.totalfromQ42025.PositivenetabsorptionwasledbyChurch&Dwight’s555,871sq.ft.leaseofbuild-to-suitspaceatRaymoreCommerceCenter,CJLogistics400,000sq.ft.

leaseofbuild-to-suitcoldstoragespaceinNewCentury,KS,BimboBakeries300,000sq.ft.

leaseofbuild-to-suitspaceinJacksonCounty,MO,andaconfidentialtenantsleaseof283,215sq.ft.atCompass70LogisticsBuilding2.

PositivenetabsorptionforQ42025wasconcentratedprimarilyintheCassCountysubmarketwith555,871sq.ft.,andtheJacksonCountysubmarketwith221,364sq.ft.forthequarter.PlatteCountyalsopostedpositivenetabsorptionwith137,485sq.ft.,followedbyWyandotteCountywith128,880sq.ft.ClayCountywastheonlycountywhichhadanegativenetabsorptiontotal,postingnegative673,381sq.ft.forthequarter.

ConstructionActivity

FournewbuildingswerecompletedinQ42025withatotalof1.6millionsq.ft.whichwas78%occupiedasoftheendofthequarter.

OverthepastthreeyearstheKansasCitymarketdelivered22.9millionsq.ft.ofnewindustrialspace.Deliveriesoverthistime-periodcamefrom71%(16.3millionsq.ft.)speculativeprojectsand29%(6.6millionsq.ft.)build-to-suitprojects.

FournewprojectsbrokegroundinQ42025with1.0millionsq.ft.ofspace,trailingdeliveries

andresultinginthetotalamountunderconstructiondecreasingto3.5millionsq.ft.Mostoftheprojectsunderconstructionbrokegroundonabuild-to-suitbasiswithatotalof2.3millionsq.ft.(60%),theremaining1.2millionsq.ft.(40%)representspeculativedevelopment.

FIGURE4:NetAbsorptionTrend

Sq.Ft.millions

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

NetAbsorptionRolling4QAvg.

Source:CBREResearch,Q42025

FIGURE5:ConstructionActivity

Sq.Ft.millions

10.0

8.0

6.0

4.0

2.0

12.0

0.0

UnderConstructionDeliveries

Source:CBREResearch,Q42025

FIGURES|KANSASCITYINDUSTRIAL|Q42025

4CBRERESEARCH©2025CBRE,INC.

LeasingActivity

-OverlandPark-basedAspenFundsannouncedplansforapproximately4.0millionsq.ft.ofnewindustrialdevelopmentatthesoutheastcornerof167thStreetandHedgeLanein

Olathe,KS.

-RaymoreCommerceCenterbrokegroundona577,500sq.ft.speculativewarehousebuilding.

LeasingactivityintheKansasCityindustrialmarkettotaled2.9millionsq.ft.forQ42025,and12.4millionsq.ft.forthetrailing4-quarters.ThePlatteCountysubmarketledtheoverallmarketwith1.1millionsq.ft.inQ42025,JohnsonCountyledthetrailing4-quarterswith4.6millionsq.ft.

Transactionsgreaterthan300,000sq.ft.madeup37%ofthetotalspaceleasedinthetrailing4-quarterswithtenleasesexceeding300,000sq.ft.forthequarter.

FIGURE6:LeasingActivitybySubmarket

Jackson

479,259

Johnson

565,245

Clay

567,445

Platte

593,597

Wyandotte

750,440

Source:CBREResearch,Q42025

FIGURE7:LeasingActivityTrend

Sq.Ft.millions

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Source:CBREResearch,Q42025

FIGURE8:KeyLeaseTransactions

TenantSq.Ft.LeasedTransactionTypeAddressSubmarket

CentralPower526,502NewLease1488092HwyPlatte

396,480

LandO'Lakes

Platte

NewLease

4250MO-29Hwy

369,000

FedExSupplyChain

Wyandotte

NewLease

9525-9535WoodendRd

ConfidentialTenant283,215NewLease110S110thStWyandotte

KGP

251,873

Renewal

15251-15351SGreenRd

Johnson

Ranew'sCompanies

200,194

NewLease

167thSt&I-35

Johnson

AJManufacturing

200,000

NewLease

1501EBannisterRd

Jackson

DakotaBodies

173,300

NewLease

2501NLightburneSt

Clay

Bunzl158,417Renewal7503NW106thStPlatte

Ecolab

86,481

NewLease

1NPleasantAve

Clay

Source:CBREResearch,Q42025

FIGURES|KANSASCITYINDUSTRIAL|Q42025

5CBRERESEARCH©2025CBRE,INC.

MarketStatisticsbySize

Avg.DirectAskingCurrentQuarterNet

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Rate(NNN/YR)

Absorption

YTDNetAbsorption

Deliveries

UnderConstruction

Under100,000sq.ft.

60,143,279

2.2

2.9

2.6

0.3

6.86

(6,212)

254,018

0

214,951

100,000-199,999sq.ft.

46,838,866

3.0

3.8

3.2

0.6

5.78

(111,917)

(264,316)

0

198,715

200,000-299,999sq.ft.

34,089,698

7.8

7.9

7.6

0.3

5.90

14,383

596,730

0

413,701

300,000-499,999sq.ft.

39,087,050

10.1

11.3

9.1

2.2

4.96

98,346

471,971

1,056,200

1,469,552

500,000-749,999sq.ft.

32,086,697

5.1

5.1

5.1

0.0

5.97

345,419

1,149,248

555,871

1,207,500

750,000sq.ft.

74,761,470

4.1

5.4

4.9

0.4

4.85

20,025

3,930,848

0

0

Total

287,007,060

4.9

5.7

5.1

0.6

5.49

360,044

6,138,499

1,612,071

3,504,419

MarketStatisticsbyProductType

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

Distribution/Logistics

217,697,640

5.8

6.6

5.9

0.6

5.43

1,023,3595,450,134

1,612,071

3,447,719

Manufacturing

54,492,519

1.9

2.6

2.0

0.6

5.35

(364,511)897,344

0

56,700

R&D/Flex

3,891,291

3.0

3.0

2.6

0.4

12.75

(18,804)33,225

0

0

OtherIndustrial

10,925,610

2.9

3.5

3.5

0.0

7.71

(280,000)(242,204)

0

0

Total

287,007,060

4.9

5.7

5.1

0.6

5.49

360,0446,138,499

1,612,071

3,504,419

MarketStatisticsbyClass

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

ClassA

45,075,319

8.4

7.8

6.6

1.2

6.35

(320,131)1,432,943

0

0

AllOtherBuildings

241,931,741

4.2

5.3

4.8

0.5

5.26

680,1754,705,556

1,612,071

3,504,419

Total

287,007,060

4.9

5.7

5.1

0.6

5.49

360,0446,138,499

1,612,071

3,504,419

FIGURES|KANSASCITYINDUSTRIAL|Q42025

6CBRERESEARCH©2025CBRE,INC.

MarketStatisticsbySubmarket

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

Cass

5,049,566

2.9

2.9

2.9

0.0

5.75

555,871555,871

555,871

577,500

Clay

50,168,081

3.8

4.7

4.5

0.3

4.75

(673,381)(1,021,797)

0

306,556

Jackson

90,729,950

5.1

6.6

6.0

0.7

5.16

205,2241,347,324

300,000

0

Johnson

80,805,121

4.9

5.5

4.7

0.7

6.19

5,9653,821,860

756,200

744,818

Platte

19,171,879

9.4

9.6

7.7

2.0

5.96

137,4851,627,771

0

1,240,181

Wyandotte

41,082,463

3.8

3.5

3.5

0.0

5.51

128,880(192,530)

0

635,364

Total

287,007,060

4.9

5.7

5.1

0.6

5.49

360,0446,138,499

1,612,071

3,504,419

ModernBulkDistributionMarketStatisticsbySubmarket

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

Cass

5,049,566

2.9

2.9

2.9

0.0

5.75

555,871555,871

555,871

577,500

Clay

12,082,652

6.8

4.6

4.1

0.6

6.75

(299,544)(326,801)

0

306,556

Jackson

14,085,377

16.9

16.9

16.6

0.2

6.33

374,5001,104,739

300,000

0

Johnson

40,332,820

7.0

7.5

6.2

1.3

6.12

(161,417)3,509,797

356,200

665,231

Platte

12,492,640

11.5

11.5

8.5

3.0

5.84

202,2401,749,973

0

1,240,181

Wyandotte

8,596,846

9.2

4.9

4.9

0.0

5.93

283,215(265,785)

0

500,000

Total

92,639,901

9.1

8.6

7.5

1.1

6.18

954,8656,327,794

1,212,071

3,289,468

ModernBulkDistributionincludesdistribution/warehousefacilities100,000sq.ft.orgreater,builtin1990orlater,witha28’clearheightorgreater

FIGURES|KANSASCITYINDUSTRIAL|Q42025

7CBRERESEARCH©2025CBRE,INC.

U.S.EconomyOverview

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcreditmarketsare

helpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.Consumerconfidenceremainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.ThismosaicofdatasuggeststhatannualaverageGDPgrowthwillbesteadyin2026,at2%,butatouch

softerthanin2025.Akeycatalystisasofterlabormarket,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofter

inflationandlong-termbondyieldstrendingjustbelow4%byH22026.

KansasCityEconomyOverview

AccordingtoOxfordEconomics,KansasCityhadayear-to-datejobdeclineof0.3%asof

October2025.ThedeclineislargelyduetoKansasCity’slargefederalgovernmentsectorwhichhassufferedfromjobcutsandbuyouts.KansasCity’syear-to-dateGDPgrowthof1.1%was

belowtheUSequivalentrateof1.3%,ledbydataprocessing,realestate,andtech-relatedsectors.FutureGDPgrowthisforecastat2%in2025to2029.

KansasCity’smedianhomepricesgrewby1.1%year-over-yearasofQ32025,withhousepricesprojectedtogrowby3.1%,onaverage,in2025through2029.KansasCity’srealpersonal

disposableincomepercapitaisforecasttogrow1.5%peryearin2025through2029,whileconsumerspendingisforecasttogrowby1.8%peryearoverthesameperiod.

FIGURE9:KansasCityEconomicForecastAnnualChange(%)

7.5

5.0

2.5

0.0

-2.5

20222023202420252026202720282029

GDPPersonalDisposableIncomeEmploymentPopulation

Source:BLS,USCensusBureau,OxfordEconomics,October2025.

FIGURE10:KansasCityEmploymentForecast

5.0

4.0

3.0

2.0

1.0

0.0

-1.0

-2.0

-3.0

-4.0

20222023202420252026202720282029

EmploymentGrowth(%)UnemploymentRate(%)Source:BLS,USCensusBureau,OxfordEconomics,October2025.

FlGURES|KANSASClTYlNDUSTRlAL|Q42025

MarketAreaOverview

Definitions

AvailableSq.Ft.:Spaceinabuilding,readyforoccupancywithinsixmonths;canbeoccupiedorvacant.AvailabilityRate:Total

AvailableSq.Ft.dividedbythetotalbuildingArea.AverageAskingLeaseRate:Acalculatedaveragethatincludesnetandgrossleaserate,weightedbytheircorrespondingavailablesquarefootage.BuildingArea:Thetotalfloorareasq.ft.ofthebuilding,

typicallytakenatthe“dripline”ofthebuilding.GrossActivity:Allsaleandleasetransactionscompletedwithinaspecifiedtimeperiod.Excludesinvestmentsaletransactions.GrossLeaseRate:Renttypicallyincludesrealpropertytaxes,buildinginsurance,andmajormaintenance.NetAbsorption:ThechangeinOccupiedSq.Ft.fromoneperiodtothenext.NetLeaseRate:Rent

excludesoneormoreofthe”net”costs(realpropertytaxes,buildinginsurance,andmajormaintenance)typicallyincludedinaGrossLeaseRate.OccupiedSq.Ft.:BuildingAreanotconsideredvacant.VacancyRate:TotalVacantSq.Ft.dividedbythetotalBuildingArea.VacantSq.Ft.:Spacethatcanbeoccupiedwithin30days.ClassAindustrialarebuildingsbuiltafter2000,with32,orgreaterclearheightandESFRsprinklers.

SurveyCriteria

lncludesallcompetitiveindustrialbuildings30,000sq.ft.andgreaterinsizeinJohnsonCounty(KS),WyandotteCounty(KS),PlatteCounty(MO),ClayCounty(MO),JacksonCounty(MO),andCassCounty(MO).Buildingsunderconstructionincludesbuildingswhichhavebegundevelopmentbeyondinitialsitework.

UpdatedTrackedCriteria

CBREhasupdatedthecriteriaforindustrialtrackedbuildingsetstoreflectbuildingswithaNetRentableArea(NRA)of30,000squarefeetorhigher.lnadditiontocreatingregionalconsis