Wichita Market Overview

Wichita Economy

Population 2012(est)

385,577

MSA Population 2010

631,105


Cost of Living Index

90.9

Civilian Labor Force*

307,143

Employed*

282,000

Unemployment Rate*

4.9%

*As of November, 2013

Sources: Kansas Department of Labor and Greater Wichita Area Chamber of Commerce.

 

NEWSWORTHY EVENTS

  • Kansas Health Foundation completes their new Leadership Conference Center.
  • Koch Industries begins major expansion.
  • Beechcraft under contract to be purchased by Textron.
  • High Touch purchases downtown office building.
  • River Vista Residences chosen for new West Bank development.
  • State agencies start vacating the Finney Office Building.
  • Union Station sold to local developer.
  • The Lux opened for tenants.
  • Construction started on new Whole Foods (Bread & Circus) store.
  • Hobby Lobby relocates to Regency Lakes.
  • CVS opened first three stores.
  • Airbus expanded in Old Town.
  • Wichita Executive Center taken back by lender.
  • Academy Sports announces second location at K-96 and Greenwich.
  • Three car dealers relocated to 13th and Greenwich.
  • Star Bonds approved for east and west side sports complexes.
  • Starwood Hotels leases 50,000 sf in the former Wichita Mall.
  • The Farmers & Bankers Building and Landmark Square were sold at auction.
  • Construction was started on a new dormitory on Wichita State‚Äôs campus.
  • Plans were announced for more than 2,000 new apartment units to come on line in the next 24 months.
  • Two residential projects started construction in the Central Business District.
  • River Park Place, the Stinson Morrison Hecker Building and Terra Cotta Tower were sold to different local investors.
  • Southwest Airlines started service from Wichita Mid-Continent Airport.

 

FORECAST METHODOLOOGY
The data in the Forecast includes data on all office, retail and industrial buildings that had leasable space available for occupancy at the end of 2013.  Excluded are government buildings, owner-occupied properties, regional malls and single tenant big box buildings larger than 20,000 square feet.
Quoted asking rental rates are given on a per-square-foot-per-year-basis.  They are provided as a weighted average by the amount of square footage available at the end of 2013.  The vacancy rates are determined by dividing the space available for lease by the total amount of space in the statistical category.
The quadrant dividing lines are Broadway Avenue for east and west and Douglas Avenue for north and south.  The Central Business District is defined as the area bounded by Seneca, Hydraulic, Kellogg and Murdock.

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