Trammell Crow Co., and Clarion Partners have just started construction on a speculative building at the KCI Intermodal BusinessCentre. Called LogisticsCentre IV, the class A structure will have a total of 432,640 square feet for either light manufacturing or as a warehouse/distribution space. The developers say they will finish the project, one of several significant spec buildings underway in the Kansas City region, by March 2016. LogisticsCentre IV will accommodate up to three tenants.
“Large scale bulk/modern spaces are fueling the market in Kansas City right now, both in terms of new construction and absorption,” according to a second quarter snapshot by DTZ. The market saw just over 1 million square feet of absorption in the modern bulk sector. And new deliveries pushed the vacancy rate up to 7.97%, roughly equal to where it was last year, even though 5.6 million square feet of inventory had been added to the market.
In the second quarter officials from NorthPoint Development announced they would begin construction on the 822,104 square foot Inland Port XIV at Logistics Park Kansas City, which DTZ calls the largest speculative building ever in Kansas City.
Furthermore, the economic outlook, especially for…