The Kansas City industrial market continued its positive momentum posting nearly 2.0 million sq. ft. of positive net absorption in Q1 2021, keeping pace with the 2020 total of 7.3 million sq. ft.
Overall vacancy rates increased 20 basis points (bps) quarter-over-quarter. A total of 1.1 million sq. ft. of vacant speculative space was added to the market which resulted in the slight increase in vacancy rates.
At the end of Q1 2021, 8.9 million sq. ft. remained under construction after 2.7 million sq. ft. was completed in the quarter.