When you began the process of making decisions about selling a commercial property, you probably didn’t expect to need to factor in the global economic impact of a pandemic! Luckily, Real Estate Solutions by Moody’s Analytics has focused their considerable resources on COVID-19 related topics in the Real Estate Industry. The Impact on CRE interactive dashboard offers the following insights on the Kansas City Metro region:
- The Kansas City Office Sector employs 26% of its workforce.
- Vacancy is forecast to increase to 20.4% in 2020 and 21% in 2021 and then correct.
- In a Protracted Economic Slump, vacancy forecasts increase to 22.5% in 2022 before they begin to correct down to 21.4% in 2023.
- The Kansas City Apartment Sector added 16,000 new apartment units over the past five years. 28% of those were in Downtown/East KC.
- Vacancy is forecast to increase to 6.4% in 2020 and 7.1% in 2021, up from 4.3% in 2019.
- In a Protracted Economic Slump, vacancies peak in 2021 at 8.2% and then begin to correct in 2022-23 to 7.8% and 7.4% respectively.
- The Kansas City Retail, Leisure and Hospitality Sector employs 20% of its workforce.
- Vacancy is forecast to increase to 14.1% in 2020 and 14.8% in 2021, up from 11.7% in 2019.
- In a Protracted Economic Slump, vacancies peak at 16% in 2021, and then begin to correct in 2022-23 to 15.7% and 14.5% respectively.
You can view the interactive map HERE for even more information, including Rent/SQ FT forecasts.
If economic forecasts don’t meet your business goals for your property and you decide to sell, Contact Us Today. Francis & Company purchases all types of Real Estate from commercial and industrial buildings to residential and multi-family units in any condition.