After posting negative net absorption in Q2 2020 and Q3 2020, the Kansas City office market stabilized posting a slight positive net absorption total of 20,669 sq. ft. in Q4 2020.
The General Services Administration (GSA) signed a long-term renewal for 316,318 sq. ft. at Summit Technology Campus South in Lee’s Summit, MO. The lease was the largest recorded in the market for 2020. Summit Technology Campus South reached 100% occupancy after signing Eurofins to a 17,129 sq. ft. lease.
Kansas City Metro unemployment averaged 4.9% (seasonally adjusted) as of November 2020, a decrease of 680 bps compared to peak unemployment in April 2020 (11.7%). The U.S. unemployment rate averaged 6.7% as of November 2020, 180 bps higher compared to the Kansas City average. The state of Missouri unemployment rate (4.4%) was tied for the 4thlowest in the nation.