AREA BlogKeeping you up-to-date on Kansas City commercial real estate trends.

PLATE to Open Second Restaurant at Park Place

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Local culinary favorite, Plate Restaurant is expanding its footprint with a second location in Fall 2021. The new restaurant will occupy the 5,972 SF former California Pizza Kitchen space at 11655 Ash Street in Park Place.

The modern Italian eatery, created by local restauranteur Christian Joseph in 2014, features an award-winning dining experience. Menu items include homemade pizza, pasta, focaccia and other regional favorites prepared daily in the scratch kitchen.

“For us, it is truly all about hospitality and the guest experience,” says Joseph. “When we realized we needed a second location to cater to our burgeoning customer base, we knew that Park Place in Leawood was ideal for our first expansion. We are thrilled to be able to bring our next-level dining experience to this location.”

Plate is currently located in Brookside at 701 E 63rd Street, which is a relocation after their original restaurant was destroyed by a fire in 2017. The restaurant currently serves lunch, happy hour, dinner and weekend brunch with indoor and outdoor seating.

Park Place Village is a 483,984 square foot mixed-use property made up of 10-building complex’s that offers a variety of amenities including boutique shops, upscale restaurants and cafés. The surrounding area features the Aloft Hotel, 120 apartments, 30 townhouses and 27 lofts.

AREA Real Estate Advisors handled the real estate transaction on behalf of Plate. Retail agent, Rich DuVall said “Park Place is the ideal location for this restaurant’s loyal customer base. There is a need for the taste of central Italy, especially their traditional pizzas, in Leawood, and there’s no better location for that than the top-quality office and retail property that Park Place has always been.”

Click here for the Kansas City Star’s article on Plate.

Click here for the Kansas City Business Journal article.

AREA + Take Flight KC

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AREA is beyond excited to announce that we have chosen Take Flight KC as our philanthropic partner for 2021 and 2022! Take Flight has a significant impact on our disabled community, offering fun and accessible activities to aid in connection and help make memories.

As you can imagine, right now is a tough time for Take Flight, as well as those adults and children they service. AREA is working with Take Flight to brainstorm creative ways to reach these individuals and find opportunities to bring fun and joyful activities to them safely until they are able to hold events again. Some of Take Flight’s past events include annual Fly Day, Take Flight Takes The Zoo, Take Flight Takes the Stage, as well as other activities.

We look forward to building our relationship with Take Flight KC and helping our disabled community. For more information, please visit their website.

A New Home For The Children’s Place

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After over 30 years of helping KC area children dealing with trauma, The Children’s Place has moved to a new larger home, and AREA is grateful for the opportunity to help them with this transition. They have moved from the corner of 59th & Brookside Boulevard just over a mile to 65th & Rockhill Road.

AREA’s assistance in the real estate transaction was as rewarding of an experience as we have ever had. Ann Thomas and her team tirelessly work to serve a community in need and for years they worked in an outdated facility that was too small. AREA agents, Adam Abrams & Mike Levitan helped the team to find a new, larger building. The main requirement was the need to be located on the bus line and closer to the kids that they serve. Nothing on the market at the time was going to work and fortunately we found something off market that checked all the boxes.

Not only do they now have enough room to serve the kids, but the staff now have the type of facility that makes their job just a bit easier. They also have a new 5-foot welcome teddy bear named Rudy, after a beloved retired teacher of 42 years, Rudy Liggins.

In addition to our business relationship with this wonderful organization, our company has been fortunate to partner with The Children’s place over the last 2 years on a philanthropic level. It has been such a rewarding experience to see first hand the impact being made by TCP and to play just a small part in helping these children in our community.

Congratulations to The Children’s Place and welcome home!

AREA + Chad McCann Podcast: WeWork

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In episode 10 of Your AREA Podcast, Tim Schaffer interviews Chad McCann, Senior Leasing Director for the Midwest Market of WeWork, to discuss company culture during work from home movement, 2021 Office Space and WeWork’s role in future office space.

Chad McCann is the Senior Leasing Director for WeWork in Kansas City. 3 years ago he took a risk and jumped at an opportunity with a rocket ship growth company that he knew very little about at the time in an industry he knew nothing about, Commercial Real Estate. One thing he did understand was relationships and how to cultivate them with the right people. Fast forward 3 years, after shaking what seems like 10,000 hands and acting as a sponge in every meeting he stepped into, and he would make the same decisions 100/100 times. WeWork and the CRE industry has been the most challenging, yet fulfilling endeavor he’s embarked on in the corporate arena.

As the leading space-as-a-service platform, WeWork provides unmatched speed, scale, and flexibility to your real estate – all while delivering an elevated employee experience.

To subscribe or listen to AREA’s podcast, you can find us on Spotify or Apple Podcast.

Recorded by Let it Fly Media.

AREA Insight: 2020 Q3 Report

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AREA looks back over the third quarter of 2020 as we breakdown the impact of the economy opening up again and the commercial real estate markets.
With input from our senior leadership, our brokers and our analysts, we aim to provide you with the most relevant and recent info including notable deals and important trends in the economy and in the commercial real estate markets.
ECONOMIC REVIEW: U.S. economy continues to recover from onset of the pandemic and subsequent lockdown this past spring. 30% GDP growth for Q3 shows a strong bounce back but recovery is fragile and showing signs of slowing into year-end as cases spike, unemployment remains elevated and Congress has failed to pass further fiscal stimulus. Continued monetary support from Fed has aided in recovery with rates near zero for foreseeable future and liquidity across capital markets. Path of the virus and additional support from Fed and Congress will likely determine pace and timing of recovery.
RETAIL MARKET: Retail continues to take the brunt of economic fallout from pandemic and lockdown. Leasing and sales volume are down compared to pre-pandemic levels but there are positive signs that segments of retail market can survive and thrive during the pandemic. Large retailers are weathering the storm and continued shift to e-commerce and distribution outside of traditional avenues will help offset losses. Rent growth expected to turn negative in 2021 before rebounding and sales volume is down about 50% YOY. We expect a strong rebound for retail once pandemic has passed.
MULTIFAMILY MARKET: Sales volume is down from pre-pandemic levels as investors paused during lockdown and mostly stayed on the sidelines looking for clarity in capital markets. Deals are getting done but at a slower pace and we expect volume to increase later in 2021 with Fed anchoring rates near zero and liquidity in capital markets remaining high. Vacancy rates have increased approx. 95 bps YOY, and we expect vacancy rates to gradually increase but remain rangebound for next few years. Despite slowdown in sales activity, market fundamentals are better than expected and we see this market weathering the pandemic with activity picking up later in 2021.
INDUSTRIAL MARKET: Industrial market continues to show strength during pandemic as demand for industrial product has accelerated behind increased secular shift to E-commerce sales and distribution. We believe the pandemic accelerated this trend and see demand increasing. Construction starts are strong with square feet under construction up 150% YOY. Sales volume is only down about 50 bps YOY, a positive sign that capital markets remain strong for Industrial product. We see strength in this market continuing for next several years.
OFFICE MARKET: This sector tends to respond more slowly to abrupt changes in economy. The office market is showing signs of short-term weakness from the pandemic as space is coming back to the market with vacant square feet up 23% YOY and sublease space up 53% YOY. Vacancy rate is about 8.5% YTD, an increase of 140 bps YOY. While there is short-term weakness in the market and both leasing and sales activity are down, we expect activity to increase in 2nd half of 2021. Office users will have more clarity by then and we see office tenants looking to make leasing decisions they are currently putting off. The office market will see tick up in activity as office users look to increase or decrease space depending on needs as well as many reimagining office designs for the future.
For more insights, or questions on the information in this report, please reach out to one of our AREA experts.
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