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Commercial Real Estate in Wichita, KS - 172 Properties Available

Wichita, KS Economic Overview

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Considered to be “The Aircraft Capital of the World", Wichita is famous for being an industrial hub and is the largest city in the state of Kansas. In 2010, the U.S. Census estimated the population of Wichita to be around 389,965. The city is an important manufacturing center for the aircraft industry. Firms such as Learjet, Airbus, and Spirit AeroSystems have facilities here. Additionally, McConnell Air Force Base is located in Wichita, further solidifying the city’s identity with the aircraft industry and emphasizing that aircrafts are a huge part of the city’s economy. Unfortunately, in the early 2000s, the demand for aircraft carries plummeted in the recession and a combined 15,000 jobs were lost between 2001 and 2004. Today, Wichita has almost reached peak recovery, as oil exploration started to take off, and as more developments take shape.

Aircraft manufacturing has dominated the local economy in Wichita and plays an important role in the economic health of the area. The second largest industry is healthcare, which employs roughly 28,000 residents. While aircraft manufacturing has been seen major upswings and sharp turns for the worse, healthcare is a fairly consistent industry here and has not been subject to the same kind of pressure that impacted the aircraft industry. Wichita is also a major oil town, with dozens of companies invested in oil exploration.

Wichita, KS Commercial Real Estate Market

There has been more the $500 million in investment since 2010 specifically in the Downtown area of Wichita. Due to the revival of the state’s oil and gas industry, there has been interest from outside investors and developers which is improving economic growth.

Downtown Wichita: From fabulous dining options to excellent shopping boutiques, Downtown Wichita has excellent opportunities for residents, visitors, and businesses. The city has invested in strategic improvements in infrastructure to the downtown area. There are over 500,000 square feet of retail space in the center of the city, with opportunities for entrepreneurs to launch new ideas and start-ups. There are mixed-use buildings that offer residential options along with commercial spaces, creating vibrant center-city communities. The city is pursuing both renovations and new construction in commercial real estate.

Midtown Wichita: Located directly north of Downtown Wichita, the Midtown neighborhood is a mix of commercial development and residential living. It is the oldest neighborhood in Wichita. Community developments are being built in midtown, as the population increases. Apartment complexes are also on the rise and development in rental properties is worth pursuing, in this neighborhood. Wichita has room to grow and expand in manufacturing/industrial developments and commercial developments. New construction locations are available and the city is willing to consider specialized needs of interested investors.

Wichita, KS Office Sales Volume

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Wichita, KS Office Transactions

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Wichita, KS Commercial Inventory Breakdown

Office Spaces

Total: 9,907,582 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 3,495,142 SF / 35.28% of total office
  • 100k to 500k SF: 5,389,853 SF / 54.4% of total office
  • > 1M SF: 1,022,587 SF / 10.32% of total office

By class:

  • Class A: 3,052,871 SF / 30.81% of total office
  • Class B: 6,064,570 SF / 61.21% of total office
  • Class C: 99,524 SF / 1% of total office

Industrial

Total: 90,095 SF

Data provided by Yardi Matrix, properties over 50k SF

By square footage range:

  • 50k to 100k SF: 90,095 SF / 100% of total industrial

Employment in Wichita, KS

Employment

The unemployment rate in Wichita is 5.2%, roughly on par with the national average. Listed below are the top five professions represented in the local economy, as well as percentage of Wichita residents they employ:

  • Sales, Office, Administrative Support (24.84%);
  • Production, Transportation, Material Moving (14.12%);
  • Management, Business, Finance (13.11%);
  • Construction, Extraction, Maintenance/Repair (10.13%);
  • Food Preparation, Serving (6.07%).

With aircraft manufacturing being the backbone of Wichita’s economy, it is no surprise that some of the top employers in Wichita include Cessna Aircraft Co., Spirit AeroSystems, Hawker Beechcraft, and Boeing Integrated Defense Systems.

Education in Wichita, KS

In the City of Wichita, approximately 90% of residents have a high school diploma and 28% of residents have a bachelor's degree or higher. There are 17 colleges within 50 miles of Wichita. These educational institutions include Friends University, Newman University, Wichita State, Vatterott College, and Wichita Area Technical College. The largest university in the area is Wichita State University, which is a public university with more than 14,000 students. It is the third-largest university in the state of Kansas.

Commuting Time in Wichita, KS

The average commute in Wichita is approximately 18 minutes, which is well below the national average of 24.8 minutes. About 84.7% of commuters travel in a single vehicle and 8.85% of commuters carpool. The remaining commuters either use public transportation, walk, or bike. While public transport is available in Wichita, the numbers suggest that the bulk of commuters don’t utilize the system.

Wichita Demographics

Population

  • Total Population389,054
  • Male Population(49.3 %) 191,987
  • Female Population(50.7 %) 197,067
  • Median Age34.50

Income/Financial

  • Average Household Income$65,938
  • Median Household Income$48,982
  • Median Income Under 25$25,184
  • Median Income 25-44$50,242
  • Median Income 45-64$59,409
  • Median Income Over 65$38,816

News

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