Insights
Missouri
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VACANCY
Apartment
The average Vacancy Rate was 5.3% in the Kansas City metro
- Vacancy in the Kansas City metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2023 at 5.7% in the Kansas City metro.
Distribution / Warehousing
The average Vacancy Rate was 3.0% in the Kansas City metro
- The Kansas City metro had the second lowest vacancy in the nation, behind only Lexington.
- Vacancy in the Kansas City metro fell by 70 basis points.
- The Kansas City metro had the lowest vacancy level since Q3 2009.
Flex / R&D
The average Vacancy Rate was 7.1% in the Kansas City metro
- Vacancy in the Kansas City metro rose by 230 basis points.
- Vacancy is expected to finish 2023 at 6.8% in the Kansas City metro.
Office
The average Vacancy Rate was 15.1% in the Kansas City metro
- The Kansas City metro had the sixth lowest vacancy in the nation and the fourth lowest in the Midwest.
- Vacancy in the Kansas City metro declined by 190 basis points.
- The Kansas City metro had the lowest vacancy level since Q3 2001.
Retail
The average Vacancy Rate was 11.1% in the Kansas City metro
- Vacancy in the Kansas City metro drifted downward by 20 basis points.
- The Kansas City metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2023 at 11.2% in the Kansas City metro.
RENT
Apartment
The average Asking Rent was $1,167 in the Kansas City metro
- Rent in the Kansas City metro was down 0.8% from Q1 2023.
- Rent is expected to finish 2023 at $1,185 in the Kansas City metro.
Distribution / Warehousing
The average Asking Rent was $4.51 in the Kansas City metro
- Rent in the Kansas City metro was up 2.0% from Q1 2023.
- Rent Has risen for nine consecutive quarters in the Kansas City metro.
- Rent is expected to finish 2023 at $4.65 in the Kansas City metro.
Flex / R&D
The average Asking Rent was $8.28 in the Kansas City metro
- The Kansas City metro had the fastest rent growth in the nation.
- Rent has risen in every quarter for the past three years in the Kansas City metro.
- Rent is expected to finish 2023 at $8.55 in the Kansas City metro.
Office
The average Asking Rent was $23.17 in the Kansas City metro
- Rent in the Kansas City metro was up 0.5% from Q1 2023.
- Rent is expected to finish 2023 at $23.33 in the Kansas City metro.
Retail
The average Asking Rent was $14.83 in the Kansas City metro
- Rent in the Kansas City metro was down 0.5% from Q1 2023.
- Rent is expected to finish 2023 at $14.91 in the Kansas City metro.
VACANCY
Apartment
The average Vacancy Rate was 4.6% in the St. Louis metro
- Vacancy in the St. Louis metro drifted upward by 20 basis points.
- The St. Louis metro had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2023 at 5.0% in the St. Louis metro.
Distribution / Warehousing
The average Vacancy Rate was 7.0% in the St. Louis metro
- Vacancy in the St. Louis metro drifted upward by 30 basis points.
- Vacancy is expected to finish 2023 at 6.8% in the St. Louis metro.
Flex / R&D
The average Vacancy Rate was 5.2% in the St. Louis metro
- The St. Louis metro had the fourth lowest vacancy in the nation and the fifth lowest in the Midwest.
- Vacancy in the St. Louis metro declined by 50 basis points.
- The St. Louis metro had the lowest vacancy level since Q3 2009.
Office
The average Vacancy Rate was 21.9% in the St. Louis metro
- Vacancy in the St. Louis metro fell by 90 basis points.
- Vacancy is expected to finish 2023 at 22.3% in the St. Louis metro.
Retail
The average Vacancy Rate was 13.7% in the St. Louis metro
- Vacancy in the St. Louis metro drifted upward by 20 basis points.
- The St. Louis metro had the highest vacancy level since year-end 1994.
- Vacancy is expected to finish 2023 at 13.2% in the St. Louis metro.
RENT
Apartment
The average Asking Rent was $1,179 in the St. Louis metro
- Rent in the St. Louis metro was up 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $1,194 in the St. Louis metro.
Distribution / Warehousing
The average Asking Rent was $5.26 in the St. Louis metro
- Rent in the St. Louis metro was up 1.2% from Q1 2023.
- Rent has risen in every quarter for the past three years in the St. Louis metro.
- Rent is expected to finish 2023 at $5.44 in the St. Louis metro.
Flex / R&D
The average Asking Rent was $8.63 in the St. Louis metro
- Rent in the St. Louis metro was up 0.9% from Q1 2023.
- Rent has risen in every quarter for the past three years in the St. Louis metro.
- Rent is expected to finish 2023 at $8.92 in the St. Louis metro.
Office
The average Asking Rent was $22.94 in the St. Louis metro
- Rent in the St. Louis metro was up 0.2% from Q1 2023.
- Rent is expected to finish 2023 at $23.06 in the St. Louis metro.
Retail
The average Asking Rent was $16.01 in the St. Louis metro
- Rent in the St. Louis metro was down 0.1% from Q1 2023.
- Rent is expected to finish 2023 at $16.12 in the St. Louis metro.