房地产 -2025年第四季度堪萨斯城办公室数据 Kansas City Office Figures Q4 2025

CBRE

FIGURES|KANSASCITYOFFICE|Q42025

2025finisheswithover800,000sq.ft.of

positivenetabsorption

17.5%

VacancyRate

264,409

SFNetAbsorption

0

SFConstructionDelivered

0

SFUnderConstruction

$23.46

FSG/YRDirectLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

MARKETOVERVIEW

–Overallnetabsorptionpostedpositive264,409sq.ft.forQ42025,markingthefifth

consecutivequarterofpositivenetabsorption.Positivenetabsorptioncamefromboththesuburbanmarket(43,435sq.ft.)andthedowntownmarket(220,974sq.ft.).

–Vacancyratesfellfrom17.8%to17.5%quarter-over-quarterintheoverallmarket,aresultofpositivenetabsorption.Lookinglonger-termvacancyratesfellfrom19.1%to17.5%year-

over-year.Vacancyrateshavereturnedtotheaveragefromthreeyearsago(Q42022)at

17.5%.

–Nonewmulti-tenantspacewasdeliveredinQ42025,withnonewprojectscurrentlyunderconstruction.Overthepastthreeyears310,527sq.ft.ofnewmulti-tenantspacewas

deliveredfromtwobuildingswhichwere94.5%occupiedasofQ42025.

–Askingleaseratesintheoverallmarketincreased2.7%year-over-year($22.85persq.ft.to$23.46persq.ft.).Overthepreviousthreeyearstheaverageaskingleaserateincreased

9.0%($21.52persq.ft.to$23.46persq.ft.).

FIGURE1:HistoricalAbsorption,Deliveries,andVacancy

Sq.Ft.millionsVacancy%

20

19

19

18

18

17

17

0.4

0.3

0.2

0.1

0.0

(0.1)

(0.2)

(0.3)

(0.4)

(0.5)

(0.6)

NetAbsorptionDeliveriesVacancyRate

Source:CBREResearch,Q42025

1CBRERESEARCH©2025CBRE,INC.

FIGURES|KANSASCITYOFFICE|Q42025

2CBRERESEARCH©2025CBRE,INC.

Vacancy

Vacancyratesinthemarketdecreasedforthefifthconsecutivequarter,duringthistime-periodvacancyratesfell170bps(19.2%to17.5%).

ThesubmarketwiththehighestvacancyratewasDowntownat21.8%,thenexthighestvacancyforasubmarketwasSouthJohnsonCountyat19.9%.ThelowestvacancyrateswereinMidtownat10.0%andSouthKansasCityat10.4%.

ClassAvacancyfinishedQ42025withanaverageof18.6%,decreasing30bps(18.9%to18.6%)quarter-over-quarter.TheClassBmarketfinishedQ42025withanaveragevacancyof18.3%,decreasing30bps(18.6%to18.3%)quarter-over-quarter.

AskingRent

InQ42025,theKansasCityOfficemarketaverageaskingleaseratesincreased0.3%($23.39persq.ft.to$23.46persq.ft.)quarter-over-quarter.ClassAaskingleaseratesincreased0.2%($26.14persq.ft.to$26.20persq.ft.)quarter-over-quarter.ClassBaskingleaserates

decreased0.4%($21.71persq.ft.to$21.62persq.ft.)quarter-over-quarter.

ThePlazasubmarketcommandedthehighestaskingleaseratesat$27.34persq.ft.,while

KansasCityNorthhadthelowestat$17.90persq.ft.ForClassArates,thePlazaledthemetrowithanaverageClassAaskingleaserateof$29.00persq.ft.ThelowestaverageClassArateswereinNorthJohnsonCountywithanaverageaskingleaserateof$21.88persq.ft.,followedbySouthKansasCitywithanaverageClassAaskingleaserateof$22.73persq.ft.

FIGURE2:VacancyRatesbyClass

VacancyRate(%)

25

20

15

10

5

0

OverallClassAClassB

Source:CBREResearch,Q42025

FIGURE3:Avg.DirectAskingRate(FSG/YR)byClass

$persq.ft.

28.0026.0024.0022.00

20.00

18.00

OverallClassAClassB

Source:CBREResearch,Q42025

FIGURES|KANSASCITYOFFICE|Q42025

3CBRERESEARCH©2025CBRE,INC.

NetAbsorption

InQ42025,theKansasCityOfficemarketrecordedanetabsorptionof264,409sq.ft.,and800,660sq.ft.for2025.Thepositiveabsorptiontrendmarksasignificantimprovementfromthenegative869,692sq.ft.recordedin2024.

Sixoutofthemetrosninesubmarketspostedpositivenetabsorptionforthequarter.

Downtownledtheoverallmarketwith220,974sq.ft.,followedbythePlazawith56,047sq.ft.ofpositivenetabsorptionforthequarter.ClassBspacewastheprimarydriverforpositivenet

absorptionwith212,106sq.ft.forthequarter,with199,553sq.ft.comingfromthesuburbanclassBmarket,and12,553sq.ft.comingfromthedowntownclassBmarket.

FiveconsecutivequartersofpositivenetabsorptionwasafavorablesignforthefutureoftheKansasCityofficemarketalongwithatrendofthequarterlyleasingactivityexceedingthepreviousyearstotals.

ConstructionActivity

Nonewmulti-tenantspacewasdeliveredinQ42025,withnonewprojectscurrentlyunderconstruction.Twoprojectsweredeliveredoverthepastthreeyears,totaling310,527sq.ft.ofnewmulti-tenantspace.

Thelargestrecentdeliverywas1400KCinthedowntownmarket.Originallyconstructedasa

$140Millionbuild-to-suitforWaddell&ReedFinancial,thebuildingbecameavailableafter

MacquarieAssetManagementpurchasedWaddell&Reedandchosenottooccupythebuilding.1400KCwasnotvacantforlongasBlueKC(BlueCrossandBlueShieldofKansasCity)

announcedtheywouldoccupythebuildinginlate2022underalong-termleaseandrelocateapproximately1,400employeesfromanolderClassBbuildingat2301MainSt.InSeptember2024,PopulousannounceditplannedtomoveitscompanyheadquartersfromthePlaza

submarketandoccupyapproximately100,000sq.ft.in1400KC.

Themarkethasexperiencedacurrentpauseinmulti-tenantdevelopment,reflectingbroadereconomicconditionsandmarketsaturation.

FIGURE4:NetAbsorptionTrend

Sq.Ft.millions

((.))

0.40.3

0.20.1

(0.3)

(0.4)

(0.5)

(0.6)

ClassAClassBRolling4QAvg.

Source:CBREResearch,Q42025

FIGURE5:ConstructionActivity

Sq.Ft.millions

0.3

0.3

0.2

0.2

0.1

0.1

0.0

0.4

UnderConstructionDeliveries

Source:CBREResearch,Q42025

FIGURES|KANSASCITYOFFICE|Q42025

4CBRERESEARCH©2025CBRE,INC.

LeasingActivity

–BarkleyOKRP,oneofKansasCity’slargestadvertisingfirmsannouncedtheywillrelocate

from1740MainSt.to75,841sq.ft.intheformerKansasCityBoardofTradebuildingat4800MainSt.

–Asalewasapprovedforthe455,000sq.ft.buildingat600NewCenturyPkwyformerlyoccupiedbyCenturyLinktoKansasCity-basedSkyRealEstateLLC.

LeasingactivityintheKansasCityOfficemarkettotaled639,996sq.ft.forQ42025.TheClassAmarketaccountedfor38.3%(245,345sq.ft.),withClassBspaceaccountingfor56.0%

(358,305sq.ft.).

Totalofficeleasingactivityin2025exceeded3.7millionsq.ft.ClassAspacerepresented48.6%(1.8millionsq.ft.)ofactivity,withClassBspacealsoaccountingfor48.6%(1.8millionsq.ft.).

FIGURE7:LeasingActivityTrend–10,000sq.ft.andup

Sq.Ft.millions

1.0

0.9

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0.0

ClassAClassB

Source:CBREResearch,Q42025

FIGURE6:LeasingbySubmarket–10,000sq.ft.andup

FIGURE8:KeyLeaseTransactions

62,339

TenantSq.Ft.LeasedTransactionTypeAddressSubmarket

BarkleyOKRP75,841NewLease4800MainStPlaza

NorthJohnsonCity

NationalAssociationofChildrens

Hospital

62,339

NewLease

9351-9401RennerBlvd

NorthJohnsonCity

77,729

Downtown

RBCMedical

58,827

NewLease

17100W118thTer

SouthJohnsonCounty

KPMG35,568Renewal1000WalnutStDowntown

123,316

Plaza

125,659

Wagstaff&Cartmell

25,000

Renewal

4740GrandAve

Plaza

RouseFretsWhiteGossGentile

Rhodes

16,721NewLease801W47thStPlaza

PeopleFirstNetwork

14,630

NewLease

11025-11091StrangLineRd

SouthJohnson

County

SouthJohnsonCounty

Source:CBREResearch,Q42025

Source:CBREResearch,Q42025

FIGURES|KANSASCITYOFFICE|Q42025

5CBRERESEARCH©2025CBRE,INC.

MarketStatisticsbyIndex

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

SUBURBAN

ClassA

15,787,760

16.2

17.3

15.3

2.0

26.85

(157,457)

296,327

0

0

ClassB

23,492,121

18.0

20.9

19.9

1.0

21.56

199,553

58,699

0

0

ClassC

2,882,526

1.9

2.5

2.5

0.0

17.40

1,339

36,826

0

0

Total

42,162,407

16.2

18.3

17.0

1.3

23.35

43,435

391,852

0

0

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

AbsorptionYTD

NetAbsorption

Deliveries

UnderConstruction

DOWNTOWN

ClassA

7,998,675

23.2

24.3

22.3

2.0

25.27

215,608

393,836

0

0

ClassB

4,089,114

19.7

21.5

20.4

1.2

21.99

12,553

27,109

0

0

ClassC

639,449

18.3

18.3

18.3

0.0

13.98

(7,187)

(12,137)

0

0

Total

12,727,238

21.8

23.1

21.5

1.6

23.74

220,974

408,808

0

0

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(FSG/YR)

CurrentQuarterNet

AbsorptionYTD

NetAbsorption

Deliveries

UnderConstruction

METRO

ClassA

23,786,435

18.6

19.6

17.6

2.0

26.20

58,151

690,163

0

0

ClassB

27,581,235

18.2

21.0

20.0

1.0

21.62

212,106

85,808

0

0

ClassC

3,521,975

4.8

5.3

5.3

0.0

15.25

(5,848)

24,689

0

0

Total

54,889,645

17.5

19.4

18.0

1.4

23.46

264,409

800,660

0

0

FIGURES|KANSASCITYOFFICE|Q42025

6CBRERESEARCH©2025CBRE,INC.

MarketStatisticsbySubmarket

NetRentable

Area

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAskingRate

(FSG/YR)

CurrentQuarterNet

Absorption

YTDNetAbsorption

Deliveries

UnderConstruction

Downtown

12,727,238

21.8

23.1

21.5

1.6

23.74

220,974

408,808

0

0

ClassA

7,998,675

23.2

24.3

22.3

2.0

25.27

215,608

393,836

0

0

ClassB

4,089,114

19.7

21.5

20.4

1.2

21.99

12,553

27,109

0

0

ClassC

639,449

18.3

18.3

18.3

0.0

13.98

(7,187)

(12,137)

0

0

EastKansasCity

2,897,686

14.4

15.3

15.3

0.0

20.39

53,517

85,875

0

0

ClassA

126,307

0.0

4.0

4.0

0.0

-

0

1,107

0

0

ClassB

2,235,411

18.2

18.8

18.8

0.0

20.36

56,345

69,942

0

0

ClassC

535,968

2.2

3.3

3.3

0.0

18.11

(2,828)

14,826

0

0

KansasCityNorth

4,262,419

17.0

18.6

17.8

0.8

17.9

29,373

9,718

0

0

ClassA

837,184

10.7

10.7

9.1

1.6

28.01

(941)

17,751

0

0

ClassB

2,937,288

21.4

23.8

23.0

0.7

26.77

23,864

(21,523)

0

0

ClassC

487,947

1.2

1.2

1.2

0.0

16.88

6,450

13,490

0

0

KansasCity,Kansas

1,227,236

19.0

20.4

20.4

0.0

26.89

0

129,633

0

0

ClassA

330,000

60.0

60.0

60.0

0.0

-

0

132,000

0

0

ClassB

408,714

5.3

9.4

9.4

0.0

20.14

0

(2,355)

0

0

ClassC

488,522

2.9

2.9

2.9

0.0

15.75

0

(12)

0

0

Midtown

1,493,665

10.0

10.0

10.0

0.0

18.34

(2,239)

(15,307)

0

0

ClassA

84,282

0.0

0.0

0.0

0.0

-

0

0

0

0

ClassB

1,192,922

12.5

12.5

12.5

0.0

18.34

(2,239)

(15,307)

0

0

ClassC

261,461

0.0

0.0

0.0

0.0

-

0

0

0

0

NorthJohnsonCounty

6,478,756

12.0

16.2

14.6

1.6

20.40

27,953

(12,402)

0

0

ClassA

1,749,138

12.5

13.0

13.0

0.0

21.88

3,022

32,443

0

0

ClassB

4,097,842

13.5

19.7

17.2

2.6

20.06

24,931

(53,152)

0

0

ClassC

631,776

0.8

1.9

1.9

0.0

16.15

0

8,307

0

0

Plaza

3,320,025

12.7

14.9

14.9

0.0

27.34

56,047

33,482

0

0

ClassA

2,017,074

11.7

13.3

13.3

0.0

29.00

(12,112)

16,661

0

0

ClassB

1,265,603

16.0

17.9

17.9

0.0

25.91

68,159

16,821

0

0

ClassC

37,348

0.0

0.0

0.0

0.0

-

0

0

0

0

SouthJohnsonCounty

18,755,689

19.9

21.9

20.3

1.6

25.18

(116,672)

57,437

0

0

ClassA

8,856,575

18.7

20.0

17.3

2.7

27.03

(147,426)

7,769

0

0

ClassB

9,702,659

21.2

23.9

23.2

0.7

23.81

33,037

51,253

0

0

ClassC

189,560

6.7

8.7

8.7

0.0

20.51

(2,283)

(1,585)

0

0

SouthKansasCity

3,726,931

10.4

11.2

8.6

2.6

21.88

(21,265)

86,695

0

0

ClassA

1,787,200

9.1

9.1

5.7

3.6

22.73

0

88,596

0

0

ClassB

1,644,787

13.3

15.2

13.1

0.2

21.66

(21,265)

(3,701)

0

0

ClassC

294,944

1.5

1.5

1.5

0.0

12.00

0

1,800

0

0

Total

54,889,645

17.5

19.4

18.0

1.4

23.46

264,409

800,660

0

0

FIGURES|KANSASCITYOFFICE|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.

FIGURES|KANSASCITYOFFICE|Q42025

MarketAreaOverview

Definitions

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

AvailableSq.Ft.dividedbythetotalbuildingArea.AverageAskingLeaseRate:Acalculatedaveragethatincludesnetandgross

leaserate,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,andmajormaintenan