Overland Park, KS Economic Overview
Having approximately 189,450 residents (2016 estimate) within an area of 75.6 square miles, Overland Park is the second largest city in Kansas and in metropolitan Kansas City.
Overland Park’s vibrant economy relies heavily on the service sector, with the five largest industries being: professional and technical services, information technology, finance and insurance, health care and retail trade.
Its favorable economic conditions make Overland Park an attractive location for the headquarters of numerous major companies, including: YRC Worldwide, Sprint Corporation, Black & Veatch, Ferrellgas, Waddell & Reed, Compass Minerals, and Ash Grove Cement Company.
The manufacturing sector is recovering, with various consumer goods being produced in the city, including: transportation equipment, telecommunication technology.
While the agricultural sector is expected to reduce, the city’s retail trade and professional services are likely to exhibit an upward trend.
Overland Park, KS Commercial Real Estate Market
The technology industry is a major contributor to Overland Park’s economy. The most notable company is Sprint World Headquarters, a Fortune 100 company offering telecommunication services and technology.
The city’s business parks offer prime locations for major corporations. For instance, the 3,200,000-square-feet Corporate Woods Business Park has such tenants as ProPharma International Partners, Inc., a development consultant for biotechnology and pharmaceutical businesses; and QC Holdings, which operates hundreds of payday loan stores within 22 states.
College Oaks, another business park, houses Automatic Data Processing (ADP), which handles payroll and human resources issues globally.
Its strategic location makes Overland Park a major hub for cargo shipping and transportation. It’s located within a one-day shipping radius (24 miles from the city center) from the Kansas City International Airport, which operates an Air Cargo Center with extensive cargo-handling capability. The cargo center enjoys a favorable business environment, including an onsite foreign Trade Zone that exempts stored imported goods from full U.S. Customs scrutiny and Enterprise Zone tax initiatives.
Besides proximity to the airport, the headquarters for Yellow Roadway Corporation is located within Overland Park. Yellow’s extensive transport network to all 50 states, Canada and other international destinations, lends a major transportation resource to the city.
Numerous other transportation companies are located within Kansas City, ranging from 100+ trucking companies and five railroad companies. These contribute to making Overland Park an important cargo shipping and transportation hub.
Nieman Rd / W 119th St office corridor is the most expensive in Overland Park, followed by: West 135th St / Switzer Rd, West 133rd St / Switzer Rd, West 132nd St / Antioch Road, Cleveland Chiropractic College of Overland Park / College Blvd, College Blvd / Indian Creek Parkway, West 103rd St / Lowell Ave, W 87th St / Lamar Ave, and Shawnee Mission Parkway / Antioch Road.
Overland Park, KS Office Sales Volume
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Overland Park, KS Office Transactions
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Overland Park, KS Commercial Inventory Breakdown
Office Spaces
Total: 24,863,673 SF
By square footage range:
- 50k to 100k SF: 4,895,968 SF / 19.69% of total office
- 100k to 500k SF: 11,655,254 SF / 46.88% of total office
- 500k to 1M SF: 2,568,451 SF / 10.33% of total office
- > 1M SF: 5,744,000 SF / 23.1% of total office
By class:
- Class A: 12,347,964 SF / 49.66% of total office
- Class B: 6,434,697 SF / 25.88% of total office
- Class C: 266,595 SF / 1.07% of total office
Industrial
Total: 644,690 SF
By square footage range:
- 50k to 100k SF: 413,724 SF / 64.17% of total industrial
- 100k to 500k SF: 230,966 SF / 35.83% of total industrial
By class:
- Class B: 644,690 SF / 100% of total industrial
Office Spaces with Retail
Total: 674,272 SF
By square footage range:
- 50k to 100k SF: 135,077 SF / 20.03% of total office with retail
- 100k to 500k SF: 539,195 SF / 79.97% of total office with retail
Employment in Overland Park, KS
As of 2014, Overland Park had an unemployment rate of 3.7%. The top industries with the largest civilian labor force include:
- Education– Shawnee Mission School District has about 3,400 employees, Blue Valley School District employs 3,226workers, and 2,400 employees work at Johnson County Community College.
- Telecommunications– Sprint World Headquarters, a Fortune 100 company offering telecommunication services and technology is the largest local employer with 6,000 workers.
- Engineering - Black& Veatch employs approximately 3,100 workers.
- Health Care and Pharmaceuticals - OptumRX offers 2,000 job opportunities; whereas, Overland Park Regional Medical Center employs 1,300 workers.
- Financial Services - Waddell & Reed Financial Inc. has about 1,369 workers.
- Government– The City of Overland Park has 1,200 employees working for it.
- Transportation & Logistics - YRC Worldwide Inc. offers 1,000 employment positions.
Education in Overland Park, KS
The city is well known for its large share of highly educated residents. Of the population that is 25 years and older, the percentages of citizens in various educational levels are: high school or higher – 98%, bachelor's degree or higher – 61.5%, and graduate or professional degree – 22.2%.
The city boasts several high-profile universities and colleges, including: Johnson County Community College, Wright Career College, National American University-Overland Park, Ottawa University-Kansas City and Cleveland University-Kansas City.
Commuting Time in Overland Park, KS
The shortest commutes of Kansas City metropolitan are in Overland Park. Well over a third of the drivers take 14 minutes or less to get to work. Also, the majority of drivers (45.7%) take between 15 and 29 minutes travelling to work.
The close proximity to Kansas City International Airport makes it part of the transport network for Overland Park citizens. The airport serves about 10 million passengers annually. To cater to the huge numbers of travelers, it features an efficient and quick “drive-to-gate” design, to get passengers to the departure area.
Overland Park is accessible through a network of U.S. highways (56, 69 and 71), state highways (150 and 350) and bypasses. Add to that south Interstates 35 and 70.
Apart from driving personal vehicles, travelers can use the Amtrak passenger rail service, as well as the Greyhound bus company’s services, which has stops in the Overland Park area.
Overland Park Demographics
Population
- Total Population191,011
- Male Population(49.5 %) 94,545
- Female Population(50.5 %) 96,466
- Median Age37.70
Income/Financial
- Average Household Income$115,440
- Median Household Income$86,487
- Median Income Under 25$54,065
- Median Income 25-44$91,388
- Median Income 45-64$110,874
- Median Income Over 65$58,678
News
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