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Kansas City Retail MarketF i r s t Q u a r t e r 2 0 1 5

The CoStarRetail Report

Kansas City Retail Market

©2015 CoStar Group, Inc. The CoStar Retail Report A

First Quarter 2015 – Kansas City

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AMethodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BTerms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CMarket Highlights & Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CoStar Markets & Submarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Inventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction Properties

Figures at a Glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Figures at a Glance by Building Type & MarketFigures at a Glance by Building Type & SubmarketHistorical Figures at a Glance

Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Select Top Lease Transactions

Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Sales Activity AnalysisSelect Top Sales Transactions

Analysis of Individual CoStar Submarket Clusters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Midtown MarketNorth Johnson County MarketNorth of the River MarketSouth Johnson County MarketSouth KC MarketSoutheast Jackson County Market


B The CoStar Retail Report ©2015 CoStar Group, Inc.

Kansas City – First Quarter 2015


©2015 CoStar Group, Inc. The CoStar Retail Report C


MethodologyThe CoStar Retail Report calculates Retail statistics using CoStar Group's base of existing, under construction and under renovation Retail buildings in each given metropolitan area. All Retail building types are included, including Community Center, Freestanding Retail, Neighborhood Center, Power Center, Regional Mall, Specialty Center and Unanchored Strip Center, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 80.7 billion square feet of coverage in 3.5 million properties. All rental rates reported in the CoStar Retail Report are calculated using Triple Net (NNN) rental rates.

© Copyright 2015 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided ‘as is’ and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

CoStar Group, Inc.

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For information on subscribing to CoStar’s other products and services, please contact us at 1-877-7COSTAR, or visit our web site at www.costar.com


B The CoStar Retail Report ©2015 CoStar Group, Inc.



©2015 CoStar Group, Inc. The CoStar Retail Report C


Terms & DefinitionsAnchor Tenant: A large national or regional retailer that serves as a primary draw for a shopping center; a store strategically located in a retail property in order to enhance, bring attention to, or increase traf-fic at the property. Sometimes called a “destination” tenant, usually these tenants lease at least 25,000 SF.

Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet.

Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date.

Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset.

Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year’s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price).

Community Center: A shopping center development that has a total square footage between 100,000 – 350,000 SF. Generally will have 2-3 large anchored tenants, but not department store anchors. Community Center typically offers a wider range of apparel and other soft goods than the Neighborhood Center. Among the more com-mon anchors are supermarkets and super drugstores. Community Center tenants sometime contain retailers selling such items as apparel, home improvement/furnishings, toys, electronics or sporting goods. The center is usually configured as a strip, in a straight line, or an “L” or “U” shape.

Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries)

Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certifi-cate of occupancy must have been issued for the property.

Delivery Date: The date a building completes construction and receives a certificate of occupancy.

Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts.

Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased.

Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation.

Freestanding Retail: Single tenant building with a retail tenant. Examples include video stores, fast food restaurant, etc.

Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insur-ance.

General Retail: Typically are single tenant freestanding general-purpose commercial buildings with parking. Many single retail build-ings fall into this use code, especially when they don’t meet any of the more detailed use code descriptions.

Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings.

Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that

represents the interests of the owner/landlord is referred to as the Landlord Rep.

Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease.

Leasing Activity: The volume of square footage that is commit-ted to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings.

Lifestyle Center: An upscale, specialty retail, main street concept shopping center. An open center, usually without anchors, about 300,000 SF GLA or larger, located near affluent neighborhoods, includes upscale retail, trendy restaurants and entertainment retail. Nicely landscaped with convenient parking located close to the stores.

Mall: The combined retail center types of Lifestyle Center, Regional Mall and Super Regional Mall.

Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)

Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy).

Neighborhood Center: Provides for the sales of convenience goods (food, drugs, etc.) and personal services (laundry, dry cleaning, etc.) for day-to-day living needs of the immediate neighborhood with a supermarket being the principal tenant. In theory, the typical GLA is 50,000 square feet. In practice, the GLA may range from 30,000 to 100,000 square feet.

Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space.

New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant.

Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant.

Outlet Center: Usually located in a rural or occasionally in a tourist location, an Outlet Center consists of manufacturer’s outlet stores selling their own brands at a discount. 50,000 – 500,000 SF. An Outlet Center does not have to be anchored. A strip configuration is most common, although some are enclosed malls and others can be arranged in a village cluster.

Owner: The company, entity, or individual that holds title on a given building or property.

Planned/Proposed: The status of a building that has been announced for future development but not yet started construction.

Power Center: The center typically consists of several freestand-ing (unconnected) anchors and only a minimum amount of small specialty tenants. 250,000 – 600,000 SF. A Power Center is dominated by several large anchors, including discount department stores, off-price stores, warehouse clubs, or "category killers," i.e., stores that offer tremendous selection in a particular merchandise category at low prices.

Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate


D The CoStar Retail Report ©2015 CoStar Group, Inc.

Kansas City – First Quarter 2015 First Quarter 2015 – Kansas City


©2015 CoStar Group, Inc. The CoStar Retail Report 1

of occupancy date.

Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA).

Quoted Rental Rate: The asking rate per square foot for a par-ticular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease.

RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area)

Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets)

Regional Mall: Provides shopping goods, general merchandise, apparel, and furniture, and home furnishings in full depth and variety. It is built around the full-line department store with a minimum GLA of 100,000 square feet, as the major drawing power. For even greater comparative shopping, two, three, or more department stores may be included. In theory a regional center has a GLA of 400,000 square feet, and may range from 300,000 to more than 1,000,000 square feet. Regional centers in excess of 750,000 square feet GLA with three or more department stores are considered Super Regional. (See also: Super Regional Mall).

Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant.

Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant’s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets.

Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis.

Sales Price: The total dollar amount paid for a particular property at a particular point in time.

Sales Volume: The sum of sales prices for a given group of buildings in a given time period.

Seller: The individual, group, company, or entity that sells a particular commercial real estate asset.

SF: Abbreviation for Square Feet.

Shopping Center: The combined retail center types of Community Center, Neighborhood Center and Strip Center.

Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy)

Specialty Center: The combined retail center types of Airport Retail, Outlet Center and Theme/Festival Center.

Sports & Entertainment: A facility suited for recreational activities, including: Amusement Facility, Aquatic Facility/Swimming Pool, Bowling Alley, Casino/Gaming Facility, Equestrian Center/Stable, Fitness, Court and Spa Facility, Golf Related, Racetrack, Skating Rink, Ski Resort, Sports Arena/Stadium, and Theatre/Performing Art Facility.

Strip Center: A strip center is an attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usu-ally located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores. A strip center may be configured in a straight line, or have an "L" or "U" shape.

Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space.

Submarkets: Specific geographic boundaries that serve to delin-eate a core group of buildings that are competitive with each other

and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market).

Super Regional Mall: Similar to a regional mall, but because of its larger size, a super regional mall has more anchors, a deeper selection of merchandise, and draws from a larger population base. As with regional malls, the typical configuration is as an enclosed mall, frequently with multiple levels (See also: Regional Mall).

Tenancy: A term used to indicate whether or not a building is occu-pied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant)

Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep.

Theme/Festival Center: These centers typically employ a unify-ing theme that is carried out by the individual shops in their architec-tural design and, to an extent, in their merchandise. Sometimes the biggest appeal of these centers is to tourists; they can be anchored by restaurants and entertainment facilities. These centers, generally located in urban areas, tend to be adapted from older, sometimes historic, buildings, and can be part of mixed-use projects. 80,000 – 250,000 SF.

Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC.

Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations.

Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space.

Weighted Average Rental Rate: Rental rates that are cal-culated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces.

Year Built: The year in which a building completed construction and was issued a certificate of occupancy.

YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied.


D The CoStar Retail Report ©2015 CoStar Group, Inc.

Kansas City – First Quarter 2015 First Quarter 2015 – Kansas City



Overview

Kansas City’s Vacancy Increases to 8.3% Net Absorption Positive 91,434 SF in the Quarter

The Kansas City retail market did not experience much change in market conditions in the first quarter 2015. The vacancy rate went from 8.2% in the previous quar-

ter to 8.3% in the current quarter. Net absorption was positive 91,434 square feet, and vacant sublease space increased by 8,810 square feet. Quoted rental rates increased from fourth quarter 2014 levels, ending at $12.29 per square foot per year. A total of 7 retail buildings with 202,339 square feet of retail space were delivered to the market in the quarter, with 419,951 square feet still under construction at the end of the quarter.

Net AbsorptionRetail net absorption was slightly positive in Kansas City

first quarter 2015, with positive 91,434 square feet absorbed in the quarter. In fourth quarter 2014, net absorption was posi-tive 662,659 square feet, while in third quarter 2014, absorption came in at positive 350,781 square feet. In second quarter 2014, positive 340,777 square feet was absorbed in the market.

Tenants moving out of large blocks of space in 2015 include: Hobby Lobby moving out of 50,895 square feet at 6721 Johnson Dr; Boyd’s Furniture moving out of 10,041 square feet at 9030 Metcalf Ave; and La Mesa moving out of 8,925 square feet at 9030 Metcalf Ave.

Tenants moving into large blocks of space in 2015 include: Hobby Lobby moving into 55,000 square feet at 5945 Ikea Way; Sprouts moving into 25,000 square feet at Shoal Creek Village; and Adelante Thrift, Inc. moving into 18,454 square feet at Tower Plaza Mall.

VacancyKansas City’s retail vacancy rate increased in the first

quarter 2015, ending the quarter at 8.3%. Over the past four quarters, the market has seen an overall decrease in the vacancy rate, with the rate going from 8.7% in the second quarter 2014, to 8.8% at the end of the third quarter 2014, 8.2% at the end of the fourth quarter 2014, to 8.3% in the current quarter.

The amount of vacant sublease space in the Kansas City market has trended up over the past four quarters. At the end of the second quarter 2014, there were 221,665 square feet of vacant sublease space. Currently, there are 270,277 square feet vacant in the market.

Largest Lease SigningsThe largest lease signings occurring in 2015 included:

the 36,284-square-foot-lease signed by Boundless at 14401 W Metcalf Ave; the 12,000-square-foot-lease signed by This, That & the Other Thrift Store at Colonnade Shopping Center, and the 10,800-square-foot-lease signed by Desi Fresh, Inc. at 7251-7279 W. 105th Street.

Rental RatesAverage quoted asking rental rates in the Kansas City

retail market are up over previous quarter levels, and down from their levels four quarters ago. Quoted rents ended the first quarter 2015 at $12.29 per square foot per year. That com-pares to $12.28 per square foot in the fourth quarter 2014, and $12.54 per square foot at the end of the second quarter 2014.

Vacancy Rates by Building Type 2006-2015

Source: CoStar Property®

Absorption & Deliveries Vacancy & RentPast 7 Quarters Past 7 Quarters

Source: CoStar Property® Source: CoStar Property®

3%

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2006 1q 2007 1q 2008 1q 2009 1q 2010 1q 2011 1q 2012 1q 2013 1q 2014 1q 2015 1q

Power Center Specialty Center General Retail Shopping Center Mall Total Market

0.47

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0.31

0.41

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(0.4)

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2013 3q 2014 1q 2014 3q 2015 1q

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Net Absorption Deliveries

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Average Rental Rate Vacancy Rate

2 The CoStar Retail Report ©2015 CoStar Group, Inc.

Kansas City � First Quarter 2015

Kansas City Retail MarketFirst Quarter 2015 – Kansas City



Overview

This represents a 0.1% increase in rental rates in the current quarter, and a 2.03% decrease from four quarters ago.

Inventory & ConstructionDuring the first quarter 2015, six buildings totaling 163,429

square feet were completed in the Kansas City retail market. Over the past four quarters, a total of 1,136,935 square feet of retail space has been built in Kansas City. In addition to the current quarter, nine buildings with 187,619 square feet were completed in fourth quarter 2014, 10 buildings totaling 486,749 square feet completed in third quarter 2014, and 299,138 square feet in 11 buildings completed in second quarter 2014.

There were 458,861 square feet of retail space under con-struction at the end of the first quarter 2015.

Some of the notable 2015 deliveries include: Shoal Creek Village, an 80,000-square-foot facility that delivered in first quarter 2015 and is now 31% occupied, and Hobby Lobby, a 55,000-square-foot building that delivered in first quarter 2015 and is now 100% occupied.

Total retail inventory in the Kansas City market area amounted to 110,364,847 square feet in 8,275 buildings and 729 centers as of the end of the first quarter 2015.

Shopping CenterThe Shopping Center market in Kansas City currently con-

sists of 686 projects with 40,363,131 square feet of retail space in 1,613 buildings. In this report the Shopping Center market is comprised of all Community Center, Neighborhood Center, and Strip Centers.

After absorbing (8,995) square feet and delivering 137,945 square feet in the current quarter, the Shopping Center sector saw the vacancy rate go from 11.4% at the end of the fourth quarter 2014 to 11.8% this quarter.

Over the past four quarters, the Shopping Center vacancy rate has gone from 11.9% at the end of the second quarter 2014, to 12.0% at the end of the third quarter 2014, to 11.4% at

the end of the fourth quarter 2014, and finally to 11.8% at the end of the current quarter.

Rental rates ended the first quarter 2015 at $11.36 per square foot, up from the $11.29 they were at the end of fourth quarter 2014. Rental rates have trended down over the past year, going from $11.69 per square foot a year ago to their cur-rent levels.

Net absorption in the Shopping Center sector has totaled 431,506 square feet over the past four quarters. In addition to the negative (8,995) square feet absorbed this quarter, posi-tive 286,952 square feet was absorbed in the fourth quarter 2014, positive 44,778 square feet was absorbed in the third quarter 2014, and positive 108,771 square feet was absorbed in the second quarter 2014.

Power CentersThe Power Center average vacancy rate was 5.1% in

the first quarter 2015. With positive 15,735 square feet of net absorption and no new deliveries, the vacancy rate went from 5.3% at the end of last quarter to 5.1% at the end of the first quarter.

In the fourth quarter 2014, Power Centers absorbed positive 27,554 square feet, delivered no new space, and the vacancy rate went from 5.5% to 5.3% over the course of the quarter. Rental started the quarter at $17.02 per square foot and ended the quarter at $17.16 per square foot.

A year ago, in first quarter 2014, the vacancy rate was 4.9%. Over the past four quarters, Power Centers have absorbed a cumulative (12,193) square feet of space and deliv-ered cumulative 8,850 square feet of space. Vacant sublease space remained unchanged from 46,267 square feet over that time period, and rental rates have gone from $17.40 to $16.48.

At the end of the first quarter 2015, there was no space under construction in the Kansas City market. The total stock of Power Center space in Kansas City currently sits at 10,091,026 square feet in 23 centers comprised of 207 buildings.

No space was under construction at the end of the first quarter 2015.

General Retail PropertiesThe General Retail sector of the market, which includes

all freestanding retail buildings, except those contained within a center, reported a vacancy rate of 5.3% at the end of first quarter 2015. There was a total of 2,463,462 square feet vacant at that time. The General Retail sector in Kansas City currently has average rental rates of $11.24 per square foot per year. There are 147,451 square feet of space under construction in this sector, with 25,484 square feet having been completed in the first quarter. In all, there are a total of 6,201 buildings with 46,113,637 square feet of General Retail space in Kansas City.





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15%

2006 1q 2007 1q 2008 1q 2009 1q 2010 1q 2011 1q 2012 1q 2013 1q 2014 1q 2015 1q


0.47

0.56

(0.47)

0.34 0.35

0.66

0.09

0.31

0.41

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0.49

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Overview

Specialty CentersThere are currently 3 Specialty Centers in the Kansas City

market, making up 1,245,034 square feet of retail space. In this report the Specialty Center market is comprised of Outlet Center, Airport Retail and Theme/Festival Centers.

Specialty Centers in the Kansas City market have experi-enced negative (7,061) square feet of net absorption in 2015. The vacancy rate currently stands at 13.3%, and rental rates average $11.04 per square foot.

MallsMalls recorded net absorption of positive 30,366 square

feet in the first quarter 2015. This net absorption number, com-bined with the 38,910 square feet that was built in the quarter, caused the vacancy rate to remain unchanged at 9.7% for the first quarter 2015. Rental rates went from $24.50 per square foot to $24.37 per square foot during that time. In this report the Mall market is comprised of 17 Lifestyle Center, Regional Mall and Super Regional Malls.

Sales ActivityTallying retail building sales of 15,000 square feet or larger,

Kansas City retail sales figures rose during the fourth quarter 2014 in terms of dollar volume compared to the third quarter of 2014.

In the fourth quarter, 20 retail transactions closed with a total volume of $137,914,716. The 20 buildings totaled 1,544,776 square feet and the average price per square foot equated to $89.28 per square foot. That compares to eight transactions totaling $53,467,700 in the third quarter 2014. The total square footage in the third quarter was 615,329 square feet for an average price per square foot of $86.89.

Total retail center sales activity in 2014 was up compared to 2013. In the twelve months of 2014, the market saw 49 retail

sales transactions with a total volume of $314,081,559. The price per square foot averaged $78.13. In the same twelve months of 2013, the market posted 32 transactions with a total volume of $138,588,839. The price per square foot averaged $89.88.

Cap rates have been higher in 2014, averaging 8.69% compared to the same period in 2013 when they averaged 8.27%.

One of the largest transactions that has occurred within the last four quarters in the Kansas City market is the sale of Prairie Village Shops, Fairway Shops, and Corinth Square, all located in Prairie Village. This 665,862 square foot retail center sold for $119,750,000, or $179.84 per square foot. The property sold on 2/3/2015.

Reports compiled by: Michael Hoffman, CoStar Research Manager.





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CoStar Submarket Clusters & SubmarketsIn analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group.

Markets

Submarket Clusters Submarkets

Downtown CBDCrown CenterFreight House DistrictWest Bottoms

East Jackson County East Jackson CountyKansas City MO

Kansas City KS Downtown Kansas KC KSKansas City KS

Midtown BrooksideCountry Club PlazaMidtown

North Johnson County Northeast Johnson CountyNorthwest Johnson County

North of the River I-29 CorridorI-35 Corridor

South Johnson County College BlvdSouth Johnson County

South KC South Kansas City MOWard Parkway

Southeast Jackson County Southeast Jackson County






Historical Deliveries 1982 - 2015

Source: CoStar Property® * Future deliveries based on current under construction buildings.

Construction Activity Markets Ranked by Under Construction Square Footage

# Bldgs Preleased SF Preleased % All Existing U/C

South Johnson County 5 325,000 89.8% 18,362 72,360

North Johnson County 4 8,740 25.4% 17,393 8,614

East Jackson County 2 10,090 83.4% 10,696 6,050

North of the River 1 5,070 57.0% 16,211 8,895

Kansas City KS 1 2,700 100.0% 10,809 2,700

Southeast Jackson County 0 0 0.0% 13,516 0

Downtown 0 0 0.0% 10,018 0

South KC 0 0 0.0% 11,649 0

Midtown 0 0 0.0% 8,794 0

TotalsTotalsTotalsTotals 13 13 13 13 351,600 351,600 351,600 351,600 83.7% 83.7% 83.7% 83.7% 13,337 13,337 13,337 13,337 32,304 32,304 32,304 32,304


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2011 Preleased & Un-Leased SF in Properties Scheduled to Deliver


0

0

Market

Under Construction Inventory Average Bldg Size

Total GLA

361,800

419,951 419,951 419,951 419,951

34,456

12,100

8,895

2,700

0

0

0.7

0.4

1.4 1.5

2.5

3.3

2.0 2.0

1.7

0.5

0.7 0.7 0.7

2.22.0

3.0

1.3

3.1

1.5

2.6

2.8

2.0

1.7

2.92.8

1.3

2.9

1.2

0.4 0.5

1.00.9

1.1

0.6

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

1982 1986 1990 1994 1998 2002 2006 2010 2014

Millions

of

SF

Deliveries Average Delivered SF

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2011 2013 2015

Millions

of

SF

Leased Un-Leased

0

50

100

150

200

250

300

2015 2q 2015 4q

Tho

usa

nds

of

SF

Preleased Un-Leased

Inventory & development






Historical Construction Starts & DeliveriesSquare Footage Per Quarter Starting and Completing Construction


Recent Deliveries by Project Size of Year-to-Date DevelopmentBuilding Size # Bldgs GLA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant

< 50,000 SF 5 67,339 55,496 82.4% $19.00 41,855 25,484

50,000 SF - 99,999 SF 2 135,000 79,800 59.1% $0.00 0 135,000

100,000 SF - 249,999 SF 0 0 0 0.0% $0.00 0 0

250,000 SF - 499,999 SF 0 0 0 0.0% $0.00 0 0

>= 500,000 SF 0 0 0 0.0% $0.00 0 0


Recent Development by Tenancy Existing Inventory ComparisonBased on GLA Developed for Single & Multi Tenant Use Based on Total GLA

2015 Deliveries


Currently Under Construction

0.33

0.05

0.19

0.02

0.28

0.44

0.69

0.19

0.30

0.110.15 0.15

0.050.07

0.26

0.14

0.48

0.03

0.11

0.31

0.41

0.10

0.30

0.49

0.19 0.20

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

2012 1q 2012 2q 2012 3q 2012 4q 2013 1q 2013 2q 2013 3q 2013 4q 2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

Millions

of

SF

Construction Starts Deliveries

67%

33%

Multi Single

21%

79%

Multi Single 0 10 20 30 40 50

Specialty Center

Power Center

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Shopping Center

General Retail

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General Retail Market Statistics First Quarter 2015

YTD Net YTD Under Quoted

Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

Downtown 293 2,461,685 114,867 114,867 4.7% (2,749) 0 0 $14.61 East Jackson County 1,688 9,829,925 617,945 625,285 6.4% 14,925 0 12,100 $9.63 Kansas City KS 796 5,541,535 110,083 110,083 2.0% 767 0 0 $11.18 Midtown 569 3,863,047 224,737 224,737 5.8% 5,502 0 0 $11.56 North Johnson County 731 7,449,124 376,880 376,880 5.1% 12,599 5,244 34,456 $7.81 North of the River 711 5,607,328 276,483 276,483 4.9% 14,522 20,240 8,895 $10.59 South Johnson County 532 5,630,035 151,102 151,102 2.7% 26,976 0 92,000 $20.55 South KC 596 3,702,973 413,595 413,595 11.2% (5,482) 0 0 $11.19 Southeast Jackson County 285 2,027,985 170,430 170,430 8.4% (5,671) 0 0 $14.01

Totals 6,201 46,113,637 2,456,122 2,463,462 5.3% 61,389 25,484 147,451 $11.24


Mall Market Statistics First Quarter 2015


Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

Downtown 1 319,828 6,300 6,300 2.0% 0 0 0 $18.09 East Jackson County 3 2,065,475 42,478 42,478 2.1% 500 0 0 $20.58 Kansas City KS 1 797,585 499,786 499,786 62.7% 0 0 0 $0.00 Midtown 1 845,977 1,521 1,521 0.2% 0 0 0 $40.00 North Johnson County 2 2,353,388 220,269 220,269 9.4% 0 0 0 $0.00 North of the River 3 2,358,881 27,774 178,152 7.6% (6,000) 0 0 $0.00 South Johnson County 4 2,620,723 248,791 248,791 9.5% 39,762 38,910 237,000 $24.38 South KC 0 0 0 0 0.0% 0 0 0 $0.00 Southeast Jackson County 2 1,190,162 23,272 23,272 2.0% (3,896) 0 0 $29.30

Totals 17 12,552,019 1,070,191 1,220,569 9.7% 30,366 38,910 237,000 $24.37


Power Center Market Statistics First Quarter 2015



Downtown 0 0 0 0 0.0% 0 0 0 $0.00 East Jackson County 6 2,364,525 79,893 79,893 3.4% 0 0 0 $15.37 Kansas City KS 1 488,850 0 46,267 9.5% 0 0 0 $10.00 Midtown 1 296,301 0 0 0.0% 0 0 0 $0.00 North Johnson County 3 1,216,067 33,832 33,832 2.8% 5,530 0 0 $18.30 North of the River 5 2,213,852 218,463 218,463 9.9% 598 0 0 $17.38 South Johnson County 4 2,035,365 78,217 78,217 3.8% 2,990 0 0 $19.09 South KC 3 1,476,066 59,551 59,551 4.0% 6,617 0 0 $17.11 Southeast Jackson County 0 0 0 0 0.0% 0 0 0 $0.00

Totals 23 10,091,026 469,956 516,223 5.1% 15,735 0 0 $16.48


Shopping Center Market Statistics First Quarter 2015



Downtown 4 384,038 12,427 12,427 3.2% 0 0 0 $12.00 East Jackson County 152 7,592,367 834,732 834,732 11.0% 31,092 0 0 $9.07 Kansas City KS 46 2,137,693 221,876 221,876 10.4% 28,266 2,945 2,700 $8.51 Midtown 16 561,062 71,801 71,801 12.8% 1,548 0 0 $15.71 North Johnson County 128 8,183,646 1,097,931 1,156,827 14.1% 17,748 55,000 0 $11.49 North of the River 122 7,587,532 846,523 846,523 11.2% (108,924) 80,000 0 $11.99 South Johnson County 125 8,469,361 868,184 871,980 10.3% 25,963 0 32,800 $14.71 South KC 55 3,405,929 495,011 498,611 14.6% (5,460) 0 0 $10.50 Southeast Jackson County 38 2,041,503 232,084 232,084 11.4% 772 0 0 $12.24

Totals 686 40,363,131 4,680,569 4,746,861 11.8% (8,995) 137,945 35,500 $11.36


Vacancy

Existing Inventory Vacancy


Existing Inventory


Figures at a Glance






Specialty Center Market Statistics First Quarter 2015



Downtown 0 0 0 0 0.0% 0 0 0 $0.00 East Jackson County 0 0 0 0 0.0% 0 0 0 $0.00 Kansas City KS 1 967,370 48,853 48,853 5.1% (7,061) 0 0 $27.42 Midtown 0 0 0 0 0.0% 0 0 0 $0.00 North Johnson County 0 0 0 0 0.0% 0 0 0 $0.00 North of the River 0 0 0 0 0.0% 0 0 0 $0.00 South Johnson County 1 212,186 111,700 111,700 52.6% 0 0 0 $5.18 South KC 0 0 0 0 0.0% 0 0 0 $0.00 Southeast Jackson County 1 65,478 5,393 5,393 8.2% 0 0 0 $0.00

Totals 3 1,245,034 165,946 165,946 13.3% (7,061) 0 0 $11.04


Total Retail Market Statistics First Quarter 2015



Downtown 316 3,165,551 133,594 133,594 4.2% (2,749) 0 0 $14.84 East Jackson County 2,043 21,852,292 1,575,048 1,582,388 7.2% 46,517 0 12,100 $9.99 Kansas City KS 919 9,933,033 880,598 926,865 9.3% 21,972 2,945 2,700 $11.20 Midtown 633 5,566,387 298,059 298,059 5.4% 7,050 0 0 $13.00 North Johnson County 1,104 19,202,225 1,728,912 1,787,808 9.3% 35,877 60,244 34,456 $10.63 North of the River 1,096 17,767,593 1,369,243 1,519,621 8.6% (99,804) 100,240 8,895 $12.05 South Johnson County 1,033 18,967,670 1,457,994 1,461,790 7.7% 95,691 38,910 361,800 $16.72 South KC 737 8,584,968 968,157 971,757 11.3% (4,325) 0 0 $11.32 Southeast Jackson County 394 5,325,128 431,179 431,179 8.1% (8,795) 0 0 $13.89

Totals 8,275 110,364,847 8,842,784 9,113,061 8.3% 91,434 202,339 419,951 $12.29


VacancyExisting Inventory


Figures at a Glance






Figures at a Glance

General Retail Submarket Statistics First Quarter 2015



Brookside 52 211,884 4,212 4,212 2.0% 0 0 0 $11.24

CBD 70 763,971 22,661 22,661 3.0% (5,849) 0 0 $16.04

College Blvd 72 1,149,588 39,772 39,772 3.5% 11,520 0 0 $26.58

Country Club Plaza 136 780,073 44,652 44,652 5.7% 1,064 0 0 $22.41

Crown Center 30 645,188 31,875 31,875 4.9% 0 0 0 $12.00

Downtown Kansas KC KS 153 962,871 33,096 33,096 3.4% 2,000 0 0 $6.82

East Jackson County 917 5,993,337 452,720 460,060 7.7% 12,576 0 9,100 $9.65

Freight House District 117 733,493 38,571 38,571 5.3% 3,100 0 0 $14.86

I-29 Corridor 148 1,288,544 86,094 86,094 6.7% 1,263 0 0 $12.31

I-35 Corridor 563 4,318,784 190,389 190,389 4.4% 13,259 20,240 8,895 $9.89

Kansas City KS 643 4,578,664 76,987 76,987 1.7% (1,233) 0 0 $11.68

Kansas City MO 771 3,836,588 165,225 165,225 4.3% 2,349 0 3,000 $9.58

Midtown 381 2,871,090 175,873 175,873 6.1% 4,438 0 0 $9.13

Northeast Johnson County 365 3,789,955 235,705 235,705 6.2% 14,049 5,244 31,716 $7.22

Northwest Johnson County 366 3,659,169 141,175 141,175 3.9% (1,450) 0 2,740 $9.22

South Johnson County 460 4,480,447 111,330 111,330 2.5% 15,456 0 92,000 $18.83

South Kansas City MO 430 2,563,864 339,577 339,577 13.2% (7,691) 0 0 $11.23

Southeast Jackson County 285 2,027,985 170,430 170,430 8.4% (5,671) 0 0 $14.01

Ward Parkway 166 1,139,109 74,018 74,018 6.5% 2,209 0 0 $11.14

West Bottoms 76 319,033 21,760 21,760 6.8% 0 0 0 $13.64

Totals 6,201 46,113,637 2,456,122 2,463,462 5.3% 61,389 25,484 147,451 $11.24


Mall Submarket Statistics First Quarter 2015



Brookside 0 0 0 0 0.0% 0 0 0 $0.00

CBD 1 319,828 6,300 6,300 2.0% 0 0 0 $18.09

College Blvd 1 672,618 15,741 15,741 2.3% 0 0 17,000 $0.00

Country Club Plaza 1 845,977 1,521 1,521 0.2% 0 0 0 $40.00

Crown Center 0 0 0 0 0.0% 0 0 0 $0.00

Downtown Kansas KC KS 0 0 0 0 0.0% 0 0 0 $0.00

East Jackson County 3 2,065,475 42,478 42,478 2.1% 500 0 0 $20.58

Freight House District 0 0 0 0 0.0% 0 0 0 $0.00

I-29 Corridor 1 834,688 27,774 27,774 3.3% (6,000) 0 0 $0.00

I-35 Corridor 2 1,524,193 0 150,378 9.9% 0 0 0 $0.00

Kansas City KS 1 797,585 499,786 499,786 62.7% 0 0 0 $0.00

Kansas City MO 0 0 0 0 0.0% 0 0 0 $0.00

Midtown 0 0 0 0 0.0% 0 0 0 $0.00

Northeast Johnson County 1 796,232 216,000 216,000 27.1% 0 0 0 $0.00

Northwest Johnson County 1 1,557,156 4,269 4,269 0.3% 0 0 0 $0.00

South Johnson County 3 1,948,105 233,050 233,050 12.0% 39,762 38,910 220,000 $24.38

South Kansas City MO 0 0 0 0 0.0% 0 0 0 $0.00


Ward Parkway 0 0 0 0 0.0% 0 0 0 $0.00

West Bottoms 0 0 0 0 0.0% 0 0 0 $0.00

Totals 17 12,552,019 1,070,191 1,220,569 9.7% 30,366 38,910 237,000 $24.37









Figures at a Glance

Power Center Submarket Statistics First Quarter 2015



Brookside 0 0 0 0 0.0% 0 0 0 $0.00

CBD 0 0 0 0 0.0% 0 0 0 $0.00

College Blvd 2 1,014,060 22,239 22,239 2.2% 2,990 0 0 $21.72

Country Club Plaza 0 0 0 0 0.0% 0 0 0 $0.00

Crown Center 0 0 0 0 0.0% 0 0 0 $0.00


East Jackson County 6 2,364,525 79,893 79,893 3.4% 0 0 0 $15.37


I-29 Corridor 3 1,449,293 44,825 44,825 3.1% 4,398 0 0 $17.33

I-35 Corridor 2 764,559 173,638 173,638 22.7% (3,800) 0 0 $19.00

Kansas City KS 1 488,850 0 46,267 9.5% 0 0 0 $10.00

Kansas City MO 0 0 0 0 0.0% 0 0 0 $0.00

Midtown 1 296,301 0 0 0.0% 0 0 0 $0.00

Northeast Johnson County 1 463,067 7,748 7,748 1.7% 0 0 0 $0.00

Northwest Johnson County 2 753,000 26,084 26,084 3.5% 5,530 0 0 $18.30

South Johnson County 2 1,021,305 55,978 55,978 5.5% 0 0 0 $16.98

South Kansas City MO 2 728,218 20,150 20,150 2.8% 0 0 0 $16.31

Southeast Jackson County 0 0 0 0 0.0% 0 0 0 $0.00

Ward Parkway 1 747,848 39,401 39,401 5.3% 6,617 0 0 $17.51

West Bottoms 0 0 0 0 0.0% 0 0 0 $0.00

Totals 23 10,091,026 469,956 516,223 5.1% 15,735 0 0 $16.48


Shopping Center Submarket Statistics First Quarter 2015



Brookside 2 132,723 1,266 1,266 1.0% 0 0 0 $25.00

CBD 2 120,038 9,246 9,246 7.7% 0 0 0 $0.00

College Blvd 21 1,823,608 129,625 129,625 7.1% 3,604 0 0 $11.87

Country Club Plaza 3 43,139 0 0 0.0% 0 0 0 $0.00

Crown Center 1 260,000 3,181 3,181 1.2% 0 0 0 $0.00

Downtown Kansas KC KS 3 41,183 18,467 18,467 44.8% 0 0 0 $0.00

East Jackson County 139 6,514,479 771,451 771,451 11.8% 30,290 0 0 $8.95


I-29 Corridor 32 1,564,262 112,352 112,352 7.2% (3,195) 0 0 $11.83

I-35 Corridor 90 6,023,270 734,171 734,171 12.2% (105,729) 80,000 0 $12.07

Kansas City KS 43 2,096,510 203,409 203,409 9.7% 28,266 2,945 2,700 $8.51

Kansas City MO 13 1,077,888 63,281 63,281 5.9% 802 0 0 $10.81

Midtown 11 385,200 70,535 70,535 18.3% 1,548 0 0 $14.45

Northeast Johnson County 66 4,471,978 667,564 669,106 15.0% 1,723 55,000 0 $12.58

Northwest Johnson County 62 3,711,668 430,367 487,721 13.1% 16,025 0 0 $10.81

South Johnson County 104 6,645,753 738,559 742,355 11.2% 22,359 0 32,800 $15.17

South Kansas City MO 38 2,965,677 472,106 475,706 16.0% 0 0 0 $10.39

Southeast Jackson County 38 2,041,503 232,084 232,084 11.4% 772 0 0 $12.24

Ward Parkway 17 440,252 22,905 22,905 5.2% (5,460) 0 0 $14.86

West Bottoms 1 4,000 0 0 0.0% 0 0 0 $12.00

Totals 686 40,363,131 4,680,569 4,746,861 11.8% (8,995) 137,945 35,500 $11.36









Figures at a Glance

Specialty Center Submarket Statistics First Quarter 2015



Brookside 0 0 0 0 0.0% 0 0 0 $0.00

CBD 0 0 0 0 0.0% 0 0 0 $0.00

College Blvd 0 0 0 0 0.0% 0 0 0 $0.00

Country Club Plaza 0 0 0 0 0.0% 0 0 0 $0.00

Crown Center 0 0 0 0 0.0% 0 0 0 $0.00


East Jackson County 0 0 0 0 0.0% 0 0 0 $0.00


I-29 Corridor 0 0 0 0 0.0% 0 0 0 $0.00

I-35 Corridor 0 0 0 0 0.0% 0 0 0 $0.00

Kansas City KS 1 967,370 48,853 48,853 5.1% (7,061) 0 0 $27.42

Kansas City MO 0 0 0 0 0.0% 0 0 0 $0.00

Midtown 0 0 0 0 0.0% 0 0 0 $0.00

Northeast Johnson County 0 0 0 0 0.0% 0 0 0 $0.00

Northwest Johnson County 0 0 0 0 0.0% 0 0 0 $0.00

South Johnson County 1 212,186 111,700 111,700 52.6% 0 0 0 $5.18

South Kansas City MO 0 0 0 0 0.0% 0 0 0 $0.00

Southeast Jackson County 1 65,478 5,393 5,393 8.2% 0 0 0 $0.00

Ward Parkway 0 0 0 0 0.0% 0 0 0 $0.00

West Bottoms 0 0 0 0 0.0% 0 0 0 $0.00

Totals 3 1,245,034 165,946 165,946 13.3% (7,061) 0 0 $11.04


Total Retail Submarket Statistics First Quarter 2015



Brookside 58 344,607 5,478 5,478 1.6% 0 0 0 $13.45

CBD 91 1,203,837 38,207 38,207 3.2% (5,849) 0 0 $16.60

College Blvd 187 4,659,874 207,377 207,377 4.5% 18,114 0 17,000 $17.19

Country Club Plaza 171 1,669,189 46,173 46,173 2.8% 1,064 0 0 $25.29

Crown Center 31 905,188 35,056 35,056 3.9% 0 0 0 $12.00

Downtown Kansas KC KS 156 1,004,054 51,563 51,563 5.1% 2,000 0 0 $6.82

East Jackson County 1,250 16,937,816 1,346,542 1,353,882 8.0% 43,366 0 9,100 $9.97

Freight House District 117 733,493 38,571 38,571 5.3% 3,100 0 0 $14.86

I-29 Corridor 299 5,136,787 271,045 271,045 5.3% (3,534) 0 0 $13.24

I-35 Corridor 797 12,630,806 1,098,198 1,248,576 9.9% (96,270) 100,240 8,895 $11.35

Kansas City KS 763 8,928,979 829,035 875,302 9.8% 19,972 2,945 2,700 $11.28

Kansas City MO 793 4,914,476 228,506 228,506 4.6% 3,151 0 3,000 $10.21

Midtown 404 3,552,591 246,408 246,408 6.9% 5,986 0 0 $10.26

Northeast Johnson County 549 9,521,232 1,127,017 1,128,559 11.9% 15,772 60,244 31,716 $10.15

Northwest Johnson County 555 9,680,993 601,895 659,249 6.8% 20,105 0 2,740 $11.04

South Johnson County 846 14,307,796 1,250,617 1,254,413 8.8% 77,577 38,910 344,800 $16.65

South Kansas City MO 545 6,257,759 831,833 835,433 13.4% (7,691) 0 0 $10.73


Ward Parkway 192 2,327,209 136,324 136,324 5.9% 3,366 0 0 $14.34

West Bottoms 77 323,033 21,760 21,760 6.7% 0 0 0 $12.35

Totals 8,275 110,364,847 8,842,784 9,113,061 8.3% 91,434 202,339 419,951 $12.29









Figures at a Glance

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Historical Rental RatesBased on NNN Rental Rates


Vacancy by Available Space Type Vacancy by Building TypePercent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Building Type


GLA By Building Type Future Space AvailableRatio of Total GLA by Building Type Space Scheduled to be Available for Occupancy*

Source: CoStar Property® * Includes Under Construction Spaces Source: CoStar Property®

$10.00

$12.00

$14.00

$16.00

$18.00

$20.00

$22.00

$24.00

$26.00

$28.00

$30.00

2006 1q 2007 1q 2008 1q 2009 1q 2010 1q 2011 1q 2012 1q 2013 1q 2014 1q 2015 1q

Dol

lars

/SF/Y

ear


0 10 20 30 40 50

Specialty Center

Power Center

Mall

Shopping Center

General Retail

Millions of SF

3%

97%

Direct Sublet 0% 10% 20% 30% 40% 50% 60%

Specialty Center

Power Center

Mall

General Retail

Shopping Center

0.15

0.08

0.01

0.05

0.00 0.000.0

0.0

0.0

0.1

0.1

0.1

0.1

0.1

0.2

2015 2q 2016 2q

Millions

Leasing Activity






Leasing Activity


* Renewal

Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company

1 14401 W Metcalf Ave South Johnson County 36,284 1st Boundless N/A Varnum-Armstrong-Deeter, L.L.C.

2 Colonnade Shopping Center* East Jackson County 12,000 1st This, That & the Other Thrift Store N/A Kessinger/Hunter & Company, L.C.

3 7251-7279 W 105th St College Blvd 10,808 1st Desi Fresh, Inc. N/A Gasperi Group Comm. Real Estate

4 501 W Vesper St East Jackson County 8,000 1st N/A N/A Dale Hotop

5 Wyandotte Plaza Shopping Center Kansas City KS 7,570 1st Vintage Stock Direct Deal Red Legacy

6 9601 W 87th St Northeast Johnson County 5,000 1st Jo’s Dollar N/A N/A

7 1600 Genessee St West Bottoms 5,000 1st Stockyards Brewing, Co. N/A Livestock Exchange Building

8 128 S Clairborne Rd South Johnson County 4,950 1st Aquariums Whole Sale N/A DDM Management

9 1528 E 23rd St S East Jackson County 4,900 1st Rent-A-Center Direct Deal LS Commercial Real Estate

10 Ritz Charles Plaza - Bldg D South Johnson County 4,624 1st N/A N/A Coldwell Banker Commercial Fishman

11 1041 NE Sam Walton Ln Southeast Jackson County 4,200 1st Burlington Mattress N/A Block & Company, Inc.

12 5920 Winner Rd Kansas City MO 4,200 1st Tarikh Abdulikir N/A Block & Company, Inc.

13 Plaza Theatre Block Country Club Plaza 3,589 1st Brad Bradshaw, MD N/A Kessinger/Hunter & Company, L.C.

14 Kelley Plaza East Jackson County 3,500 1st N/A N/A Kelley Korner, LLC

15 5911 Johnson Dr Northeast Johnson County 3,000 1st N/A N/A Real Estate Dynamics, Inc.

16 3801 E Truman Rd* Kansas City MO 2,952 1st Millennium Super Stop N/A N/A

17 4525 Noland Rd East Jackson County 2,798 1st Rent to Own Auto N/A NAI LaSala-Sonnenberg

18 5805 Merriam Dr Northwest Johnson County 2,500 1st N/A N/A Jack Jorden Real Estate, LLC

19 Met 75 Shops* Northeast Johnson County 2,495 1st Appliance Outlet N/A Price Brothers Management


21 12803 W 87th St Northwest Johnson County 2,400 1st IBIS Bread Company N/A Direct Deal

22 622 W Je�erson Rd East Jackson County 2,400 1st Education BLS N/A CEAH Realtors

23 Walnut Place Shops Midtown 2,130 1st N/A N/A Greg Patterson & Associates, Inc.

24 2137 E 151st St South Johnson County 2,109 1st High Plain Prospectors N/A Price Brothers Management

25 Colonnade Shopping Center East Jackson County 2,046 1st Halo Salon, LLC N/A Kessinger/Hunter & Company, L.C.

26 Gladstone Plaza Shopping Center I-35 Corridor 2,000 1st Cross�t Direct Deal Ferguson Properties

27 204 Orchard St Downtown Kansas KC KS 2,000 1st N/A N/A CENTURY 21 All-Pro

28 Antioch Annex I-35 Corridor 1,982 1st Miles of Smiles N/A Curry Real Estate Services

29 Kelley Plaza East Jackson County 1,900 1st N/A N/A Kelley Korner, LLC


31 18051 W 119th St - Dunkin’ Donuts South Johnson County 1,833 1st Dunkin’ Donuts N/A N/A

32 Claycomo Plaza I-35 Corridor 1,800 1st N/A N/A Becker Management Group

33 Meadowbrook Village Shopping Center I-35 Corridor 1,800 1st Dunkin’ Donuts Point Commercial ARO Real Estate

34 22223 W 66th St Northwest Johnson County 1,730 1st YogaFit N/A Block & Company, Inc.

35 Park Plaza II East Jackson County 1,711 1st Domino’s Pizza N/A Shearer Real Estate Company

36 16314 W 65th St Northwest Johnson County 1,540 1st Ins All State Direct Deal Point Commercial

37 Valentine Place Midtown 1,460 1st N/A N/A Greg Patterson & Associates, Inc.

38 19700-20140 E Jackson Dr East Jackson County 1,418 1st Ewing Development, Co. Point Commercial NAI LaSala-Sonnenberg

39 The Shops on Blue Parkway Kansas City MO 1,417 1st T-Mobile N/A Greg Patterson & Associates, Inc.

40 Chouteau Crossings S/C* I-35 Corridor 1,400 1st Ming’s Garden N/A Block & Company, Inc.

Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2015






Sales Activity

The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates

Source: CoStar COMPS®

Sales Volume & Price Sales Analysis by Building SizeBased on Retail Building Sales of 15,000 SF and Larger Based on Retail Building Sales From Jan. 2014 - Dec. 2014

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 25,000 SF 100 810,810 $179,270,062 221.10$ 7.13%

25K-99K SF

25 1,111,053 $99,393,134 89.46$ 8.64%

100K-249K SF

12 1,706,018 $152,204,532 89.22$ 11.72%

>250K SF 2 1,015,587 $38,708,893 38.11$ 8.10%

Source: CoStar COMPS® Source: CoStar COMPS®

U.S. Price/SF Comparison U.S. Cap Rate ComparisonBased on Retail Building Sales of 15,000 SF and Larger Based on Retail Building Sales of 15,000 SF and Larger

Source: CoStar COMPS® Source: CoStar COMPS®

$30

$80

$130

$180

$230

$280

2011 1q 2012 1q 2013 1q 2014 1q

Dol

lars

per

SF

Kansas City US

$0

$20

$40

$60

$80

$100

$120

$140

$160

2011 1q 2012 1q 2013 1q 2014 1q

Millions

of

Sale

s V

olu

me D

ollars

$0

$50

$100

$150

$200

$250

$300

Price

/SF

Sales Volume Price/SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2012 1q 2013 1q 2014 1q

Cap R

ate

Perc

enta

ge

$0

$50

$100

$150

$200

$250

$300

$350

$400

Dolla

rs/SF

Cap Rate Price/SF

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

2011 1q2011 3q 2012 1q2012 3q 2013 1q2013 3q 2014 1q2014 3q

Cap R

ate

Perc

enta

ge

Kansas City US






Sales Activity

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Kansas City Retail MarketMarket Highlights – Class “A, B & C”




M i d t o w n M a r k e t

Deliveries, Absorption & Vacancy Historical Analysis, All Classes


Vacant Space Quoted Rental RatesHistorical Analysis, All Classes Historical Analysis, All Classes


Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates

2015 1q 633 5,566,387 298,059 5.4% 7,050 0 0 0 0 $13.00

2014 4q 633 5,566,387 305,109 5.5% 50,536 1 26,479 0 0 $13.26

2014 3q 632 5,539,908 329,166 5.9% 20,555 2 17,785 1 26,479 $13.35

2014 2q 630 5,522,123 331,936 6.0% 55,847 0 0 3 44,264 $12.77

2014 1q 630 5,522,123 387,783 7.0% (491) 0 0 3 44,264 $12.78

2013 4q 630 5,522,123 387,292 7.0% (12,480) 0 0 1 26,479 $12.51

2013 3q 630 5,522,123 374,812 6.8% 24,491 0 0 1 26,479 $13.85

2013 2q 630 5,522,123 399,303 7.2% 12,380 0 0 0 0 $13.48

2013 1q 630 5,522,123 411,683 7.5% 2,319 0 0 0 0 $13.33

2012 4q 630 5,522,123 414,002 7.5% 24,993 0 0 0 0 $12.66

2012 3q 630 5,522,123 438,995 7.9% (17,664) 1 10,000 0 0 $12.84

2012 2q 629 5,512,123 411,331 7.5% (1,239) 0 0 1 10,000 $13.92

2012 1q 629 5,512,123 410,092 7.4% 26,522 0 0 1 10,000 $14.28

2011 4q 629 5,512,123 436,614 7.9% (45,993) 0 0 0 0 $14.48

2011 3q 629 5,512,123 390,621 7.1% 30,068 0 0 0 0 $16.04

2011 2q 629 5,512,123 420,689 7.6% 44,056 0 0 0 0 $16.20


UC InventoryDelivered InventoryExisting Inventory Vacancy

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

0.050

0.060

2012 1q 2012 2q 2012 3q 2012 4q 2013 1q 2013 2q 2013 3q 2013 4q 2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Delivered SF Absorption SF Vacancy

$12.40

$12.50

$12.60

$12.70

$12.80

$12.90

$13.00

$13.10

$13.20

$13.30

$13.40

2014 1q 2014 3q 2015 1q

Dollars

/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

Direct SF Sublet SF







N o r t h J o h n s o n C o u n t y M a r k e t






2015 1q 1,104 19,202,225 1,787,808 9.3% 35,877 2 60,244 4 34,456 $10.63

2014 4q 1,102 19,141,981 1,763,441 9.2% 98,627 2 6,960 2 60,244 $10.60

2014 3q 1,102 19,167,184 1,887,271 9.8% 372,866 3 367,283 4 67,204 $10.66

2014 2q 1,099 18,799,901 1,892,854 10.1% 6,435 1 10,500 5 374,243 $11.44

2014 1q 1,099 18,793,300 1,892,688 10.1% (409,932) 0 0 4 377,783 $11.78

2013 4q 1,099 18,793,300 1,482,756 7.9% (57,257) 0 0 2 369,500 $11.88

2013 3q 1,099 18,793,300 1,425,499 7.6% 267,100 4 143,819 2 369,500 $12.02

2013 2q 1,096 18,650,981 1,550,280 8.3% (17,216) 3 77,305 4 143,819 $11.73

2013 1q 1,093 18,573,676 1,455,759 7.8% 73,486 1 2,101 7 221,124 $11.80

2012 4q 1,094 18,579,433 1,535,002 8.3% 34,216 3 12,011 3 143,089 $12.02

2012 3q 1,091 18,567,422 1,557,207 8.4% (18,985) 2 6,534 5 152,999 $11.96

2012 2q 1,089 18,560,888 1,531,688 8.3% 132,618 3 96,258 4 15,135 $11.61

2012 1q 1,086 18,464,630 1,568,048 8.5% 28,458 2 14,993 6 106,792 $12.72

2011 4q 1,085 18,512,329 1,644,205 8.9% (25,413) 2 122,764 5 111,251 $12.63

2011 3q 1,083 18,389,565 1,496,028 8.1% 64,312 0 0 4 137,757 $12.55

2011 2q 1,083 18,389,565 1,560,340 8.5% 1,437 0 0 2 122,764 $12.26



(0.500)

(0.400)

(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500

2012 1q 2012 2q 2012 3q 2012 4q 2013 1q 2013 2q 2013 3q 2013 4q 2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%


$10.00

$10.20

$10.40

$10.60

$10.80

$11.00

$11.20

$11.40

$11.60

$11.80

$12.00

2014 1q 2014 3q 2015 1q

Dollars

/SF/Y

ear

1.60

1.65

1.70

1.75

1.80

1.85

1.90

1.95

2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

Direct SF Sublet SF







N o r t h o f t h e R i v e r M a r k e t






2015 1q 1,096 17,767,593 1,519,621 8.6% (99,804) 3 100,240 1 8,895 $12.05

2014 4q 1,093 17,667,353 1,319,577 7.5% 130,619 2 93,180 4 109,135 $12.05

2014 3q 1,092 17,586,077 1,368,920 7.8% (149,933) 1 8,189 5 192,075 $11.88

2014 2q 1,091 17,577,888 1,210,798 6.9% 78,844 1 8,850 4 111,369 $11.87

2014 1q 1,090 17,569,038 1,280,792 7.3% (39,516) 0 0 4 79,039 $11.55

2013 4q 1,090 17,569,038 1,241,276 7.1% 359,122 2 229,449 1 10,000 $11.05

2013 3q 1,088 17,339,589 1,370,949 7.9% 22,648 2 22,531 3 239,449 $11.12

2013 2q 1,086 17,317,058 1,371,066 7.9% (50,970) 0 0 4 251,980 $10.97

2013 1q 1,087 17,345,058 1,348,096 7.8% 23,001 1 12,540 3 99,980 $11.42

2012 4q 1,087 17,340,518 1,366,557 7.9% 35,325 1 8,265 1 12,540 $12.34

2012 3q 1,086 17,332,253 1,393,617 8.0% 19,227 1 8,800 2 20,805 $12.31

2012 2q 1,085 17,323,453 1,404,044 8.1% 110,471 0 0 2 17,065 $12.40

2012 1q 1,085 17,323,453 1,514,515 8.7% (61,233) 2 16,009 1 8,800 $12.82

2011 4q 1,083 17,307,444 1,437,273 8.3% 37,448 2 3,716 2 16,009 $12.66

2011 3q 1,083 17,763,008 1,930,285 10.9% (300,485) 2 115,357 4 19,725 $12.73

2011 2q 1,081 17,647,651 1,514,443 8.6% (59,747) 1 6,940 5 123,994 $12.76



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

2012 1q 2012 2q 2012 3q 2012 4q 2013 1q 2013 2q 2013 3q 2013 4q 2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%


$11.20

$11.30

$11.40

$11.50

$11.60

$11.70

$11.80

$11.90

$12.00

$12.10

2014 1q 2014 3q 2015 1q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

Direct SF Sublet SF







S o u t h J o h n s o n C o u n t y M a r k e t






2015 1q 1,033 18,967,670 1,461,790 7.7% 95,691 1 38,910 5 361,800 $16.72

2014 4q 1,032 18,928,760 1,518,571 8.0% 102,045 3 56,000 5 391,910 $16.64

2014 3q 1,029 18,872,760 1,564,616 8.3% 27,405 1 2,800 5 314,910 $16.04

2014 2q 1,028 18,869,960 1,589,221 8.4% 64,468 6 205,028 6 317,710 $16.35

2014 1q 1,022 18,664,932 1,448,661 7.8% 57,613 1 52,000 10 467,828 $16.10

2013 4q 1,022 18,617,932 1,459,274 7.8% 76,612 4 59,680 8 479,028 $15.68

2013 3q 1,018 18,558,252 1,476,206 8.0% 77,902 5 137,851 8 356,680 $16.63

2013 2q 1,013 18,420,401 1,416,257 7.7% 78,334 1 2,800 11 264,531 $16.61

2013 1q 1,012 18,417,601 1,491,791 8.1% 10,376 0 0 7 94,194 $16.15

2012 4q 1,012 18,417,601 1,502,167 8.2% 234,553 6 274,294 3 23,770 $16.31

2012 3q 1,006 18,143,307 1,462,426 8.1% 39,698 4 102,316 8 295,264 $15.91

2012 2q 1,002 18,040,991 1,399,808 7.8% 57,005 2 13,680 10 386,560 $15.91

2012 1q 1,000 18,027,311 1,443,133 8.0% 79,072 1 11,249 11 375,240 $16.08

2011 4q 999 18,016,062 1,510,956 8.4% 13,529 3 20,158 7 280,206 $15.47

2011 3q 996 17,995,904 1,504,327 8.4% (39,023) 1 2,812 9 242,248 $15.52

2011 2q 995 17,993,092 1,462,492 8.1% 21,534 0 0 6 212,131 $15.69



0.000

0.050

0.100

0.150

0.200

0.250

0.300

2012 1q 2012 2q 2012 3q 2012 4q 2013 1q 2013 2q 2013 3q 2013 4q 2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

7.2%

7.4%

7.6%

7.8%

8.0%

8.2%

8.4%

8.6%


$15.60

$15.80

$16.00

$16.20

$16.40

$16.60

$16.80

2014 1q 2014 3q 2015 1q

Dollars

/SF/Y

ear

1.35

1.40

1.45

1.50

1.55

1.60

2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

Direct SF Sublet SF







S o u t h K C M a r k e t






2015 1q 737 8,584,968 971,757 11.3% (4,325) 0 0 0 0 $11.32

2014 4q 737 8,584,968 967,432 11.3% 11,580 0 0 0 0 $11.40

2014 3q 741 8,796,304 1,190,348 13.5% (83,475) 0 0 0 0 $11.44

2014 2q 741 8,796,304 1,106,873 12.6% 22,417 0 0 0 0 $11.47

2014 1q 741 8,796,304 1,129,290 12.8% (94,694) 0 0 0 0 $11.74

2013 4q 741 8,796,304 1,034,596 11.8% 62,037 0 0 0 0 $11.41

2013 3q 742 9,056,304 1,356,633 15.0% 211 0 0 0 0 $11.20

2013 2q 742 9,056,304 1,356,844 15.0% (1,381) 0 0 0 0 $11.55

2013 1q 742 9,056,304 1,355,463 15.0% 13,311 1 8,900 0 0 $11.99

2012 4q 741 9,047,404 1,359,874 15.0% 698 0 0 1 8,900 $11.96

2012 3q 741 9,047,404 1,360,572 15.0% 104,514 0 0 1 8,900 $12.57

2012 2q 741 9,047,404 1,465,086 16.2% (246,708) 1 12,362 0 0 $12.48

2012 1q 740 9,035,042 1,206,016 13.3% 16,838 0 0 1 12,362 $12.30

2011 4q 740 9,035,042 1,222,854 13.5% 14,166 0 0 1 12,362 $11.62

2011 3q 740 9,035,042 1,237,020 13.7% 52,416 0 0 0 0 $11.84

2011 2q 740 9,035,042 1,289,436 14.3% 55,266 0 0 0 0 $11.91



(0.300)

(0.250)

(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

2012 1q 2012 2q 2012 3q 2012 4q 2013 1q 2013 2q 2013 3q 2013 4q 2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%


$11.10

$11.20

$11.30

$11.40

$11.50

$11.60

$11.70

$11.80

2014 1q 2014 3q 2015 1q

Dollars

/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

Direct SF Sublet SF







S o u t h e a s t J a c k s o n C o u n t y M a r k e t






2015 1q 394 5,325,128 431,179 8.1% (8,795) 0 0 0 0 $13.89

2014 4q 394 5,325,128 422,384 7.9% 40,062 0 0 0 0 $13.47

2014 3q 394 5,325,128 462,446 8.7% (3,966) 0 0 0 0 $13.21

2014 2q 394 5,325,128 458,480 8.6% (4,381) 0 0 0 0 $13.47

2014 1q 394 5,325,128 454,099 8.5% 19,199 2 8,500 0 0 $13.19

2013 4q 392 5,316,628 464,798 8.7% 52,006 1 14,820 2 8,500 $13.02

2013 3q 391 5,301,808 501,984 9.5% 14,578 0 0 2 20,320 $13.05

2013 2q 391 5,301,808 516,562 9.7% 22,497 1 12,000 1 14,820 $13.14

2013 1q 391 5,292,766 530,017 10.0% 21,325 0 0 1 12,000 $13.73

2012 4q 391 5,292,766 551,342 10.4% 63,470 1 37,000 0 0 $13.70

2012 3q 390 5,255,766 577,812 11.0% (2,147) 0 0 1 37,000 $13.90

2012 2q 390 5,255,766 575,665 11.0% 64,553 1 7,563 1 37,000 $13.93

2012 1q 389 5,248,203 632,655 12.1% (102,227) 0 0 2 44,563 $13.10

2011 4q 389 5,248,203 530,428 10.1% 14,234 0 0 1 7,563 $13.73

2011 3q 389 5,248,203 544,662 10.4% (240) 1 1,760 0 0 $13.78

2011 2q 388 5,246,443 542,662 10.3% 29,453 0 0 1 1,760 $13.73



(0.120)

(0.100)

(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

2012 1q 2012 2q 2012 3q 2012 4q 2013 1q 2013 2q 2013 3q 2013 4q 2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%


$12.80

$13.00

$13.20

$13.40

$13.60

$13.80

$14.00

2014 1q 2014 3q 2015 1q

Dollars

/SF/Y

ear

0.40

0.41

0.42

0.43

0.44

0.45

0.46

0.47

2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

Direct SF Sublet SF

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