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Market Report

Kansas City Retail Market Report

2024 Investment Forecast

Wage Growth Supports Consumer Spending and
Promotes Retailer Expansions Through 2024

Corporate investment in Johnson County boosts space demand. The median household income in Kansas City is on track to have risen 15 percent from 2019-2024, a trend that aids consumer spending and is reflected by retail vacancy well below historic norms this year. Tenant demand is unlikely to slow as new corporate investments promise long-term employment growth with high-paying roles. In De Soto, construction is underway on the Panasonic Energy EV battery manufacturing plant, slated for completion in early 2025. Hiring for the facility has already begun and is expected to top 4,000 jobs upon completion, driving retailer expansions around the project and in nearby affluent suburbs in outer Overland Park. Subsequently, North Johnson County and Outlying Kansas City are likely to retain below-average vacancy rates in 2024.
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