A New York-based commercial real estate analysis firm showed in reports it released this week there wasn’t much movement in Wichita-area vacancy rates in apartments or office and retail space in the past year.
The Reis Inc. reports for the fourth quarter of 2014 showed there was little to no change in the sectors’ vacancy rates from the fourth quarter of 2013. Retail was unchanged with a 13.7 percent vacancy rate in the period, while the office vacancy rate edged higher by 0.2 percentage points to 18 percent.
The apartment vacancy rate moved slightly higher by 0.1 percentage points to 4.1 percent.
As far as what the space was going for, the most significant change was in the apartment sector. There, the effective rent increased 1.5 percent between the fourth quarters of 2013 and 2014.
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That pushed the average effective rent in Wichita to $541.43 in the fourth quarter of 2014, Reis said, compared with the U.S. average effective rent of $1,124.38 in the same period.
Effective rent takes into account concessions and other incentives offered by landlords.
Effective rent for Wichita retail space dipped 0.1 percent and increased 1.1 percent for office space.
Regionally, the Reis reports said Kansas City had a retail vacancy rate of 11.6 percent, an office vacancy rate of 17.2 percent and an apartment vacancy rate of 4.7 percent in the fourth quarter of 2014. The average effective rent there was $734.75.
In Oklahoma City, the retail vacancy rate was 13.3 percent. The office vacancy rate was 17.5 percent, and the apartment vacancy rate was 4.3 percent in the same period. Its average effective rent was closer to Wichita’s, at $591.19.