Report: Wichita-area office vacancies increase, but so do rents

The Wichita area’s office vacancy rate increased 1.2 percent from a year ago, according to a New York-based commercial real estate analysis firm’s report on Wednesday.

Reis Inc. said in its office vacancy report for the second quarter of 2015 the Wichita area ranked 77th out of 79 metros for its year-over-year increase in vacancy rate, which was 18.4 percent.

Despite higher office vacancies, the report said the area saw a 1 percent increase in average effective rent in the past 12 months, rising to an average effective rent of $11.18 per square foot. Effective rent takes into account concessions and other incentives offered by landlords.

Reis said the U.S. vacancy rate in the second quarter of 2015 was 16.6 percent, and the average effective rent was $24.60 per square foot. That compares with a vacancy rate of 16.9 percent, and an average effective rent of $23.83, in the second quarter of 2014.

This story was originally published July 1, 2015 at 10:12 AM with the headline "Report: Wichita-area office vacancies increase, but so do rents."