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

AREA’s Brand Receives International Recognition

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Extra extra, read all about it, AREA’s brand has won international attention, and we’re going to shout it! In 2016, what once was RED Brokerage, became AREA Real Estate Advisors.  With the help of Design Ranch, our name and brand developed into something bold.  AREA is an acronym (AREA Real Estate Advisors), but also speaks to what we do – connecting people to spaces and finding their AREA. To read the article and see more of our brand, click here.

Out with the Old, In with the New

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It is 2018.  We are all looking to have new experiences and have higher expectations in all aspects of life.  This includes our professional life and all pieces of it (brand, our work space, culture, etc.).  Average companies in average work spaces are out and companies with exceptional cultures and work space designs are the new norm.  If a business wants to attract high talent, our companies, culture, brand and space vibe needs to be above average.  We cannot tear down and rebuild, and there certainly is not enough land to constantly build new, therefore we must not forget the capabilities of repurposing office space.  The opportunities can be endless if we just open our eyes and look past the four walls.  It’s not always about mimicking other office spaces, rather it is about taking pieces of our experiences in different places, as well as throughout life that give us the creativity to design a state of the art, one of a kind type office space. Take the Board of Trade building for example.  What was once an outdated building has now become a new, vibrant, office and retail building that keeps people coming back for more. The reason why? Their experience.  Click through the images above to see the transformation of the Board of Trade building and AREA’s space within it.

Check out Highline Partners’ insights on what millennials are looking for and how design trumps data in the coolness category.

Kansas City’s Thriving Downtown

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Midwest downtowns are a big attraction for the modern employee. Companies are moving their headquarters to downtown office towers and often times opening satellite offices. The attraction? Employees wanting to be able to walk to work, restaurants, grocery stores, entertainment and public transportation.  “We are still very much in the middle of a growth cycle in downtown Kansas City. There are project cranes in just about every pocket of the urban core, and the skyline is changing as a result.  Most of the construction activity today, whether ground-up or adaptive reuse, is being driven by multi-family and hotel development,” said AREA’s Sean Craven.

Apartment rates are the highest in the city, and the overall downtown population bump will end up being 30-35%.  Downtown has become a preferred place to live for young professionals and empty nesters.  The effect on the office market will be the second half of the renaissance story. Almost 2,000,000 SF of obsolete office space has been repurposed, which is one contributing factor in the vacancy rate dropping below 10% for the first time in decades.  That’s a positive indicator, but the more important piece has been interest generated by companies seeking office environments that meet the expectations of the modern employee, enhancing their ability to recruit and retain top talent.  Like most cities, we are experiencing a shift back to the walkable, 24-hour neighborhood. “A growing and concentrated labor pool downtown should only continue to increase pressure on the office market, resulting in rising lease rates and new construction,” said Craven.

AREA’s Tim Schaffer also believes the secret to Kansas City’s thriving downtown is people wanting to live in the city’s urban environment. See what else he has to say in the Midwest Real Estate News March 12th article.

2018 Capstone Awards Are In

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Last year was another great year for commercial real estate and development in Kansas City.  The Kansas City Business Journal has released their list of Capstone Award Winners to reflect and honor these outstanding projects throughout the Kansas City area.   To be honored, each project had to be move-in ready by the end of 2017.  Dairy Farmers of America headquarters in Wyandotte County was a winner in the office category.  Congrats to our client, DFA on your award!

Click here to view the full list of Capstone Award Winners

Lockton Affinity Joins Executive Centre

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Kansas City’s Lockton Affinity, an affiliate of the world’s largest privately-owned, independent insurance brokerage firm has signed a deal for 50,214 square feet of office space within the Executive Centre in Overland Park, KS.  “We are thrilled that a tenant of Lockton’s caliber is now going to call Executive Centre home,” said Mike Levitan.  When Onward Investors took ownership of the park, they recognized that if they were to attract future tenants, money would have to be spent to upgrade the buildings and park.  Lockton’s recent decision to relocate to Executive Centre validates everything Onward Investors has done over the past year. Extensive renovations included significant updates to the exterior and interior of the three office buildings, such as new landscaping and building identification, new paint on all exteriors, company kitchen available for use by all tenants in the park, and renovated lobbies and common areas.

To read more on Lockton’s move, please click here.

For more information, please contact Adam Abrams or Mike Levitan.