• Real Estate
  • Conveyancing
  • Valuation
What To Look For When Hiring Property Settlement Professionals

For sellers, the main challenge is to identify properties in their portfolio that have been owned for some time and may have already appreciated beyond the target sales price, thus presenting a sale opportunity.Demand will rebound in 2003 but likely not before the third quarter. Activity in the first half of the year will be stagnant. Vacancy will continue upward, although at a slower pace than in 2002, cresting around 21 percent. After experiencing some positive activity in the last half of the year, vacancy should drop below 18 percent by year-end. Rental rates will remain flat, but the prevalence of concessions should begin to diminish as demand improves late in the year.

Much of the increase was associated with Sprint transferring employees. Vacancy should begin to drop off during the next 12 months as Sprint nears the end of its space consolidation. Secondly, it is always better to look for professionals who can handle the entire gamut of conveyancing from start to end. Downtown’s vacancy will spike approximately 400 basis points, pushing it over 19 percent as the Tower’s tenants relocate from other buildings including the anchor tenant, Shook, Hardy & Bacon, which will leave a sizeable hole at One Kansas City Place. Further damage to downtown will be sustained in late 2004 when Blackwell Sanders leaves Two Pershing Square to assume its new position as the anchor of the Plaza Colonnade.

The lack of industrial production and decreased demand caused vacancies to rise by 230 basis points surpassing 9 percent during 2002. Current conditions continue to play in favor of users of space. The negotiating power will likely remain with users through much of the year until prospect activity rebounds around mid-year. The opportunity to take advantage of low interest rates to refinance and become better leveraged for the future might be more appealing for some owners.

This added motivation, coupled with Kansas City’s ability to recover quickly economically, will make 2003 another strong investment year for real estate. The reshuffling of offices once used by First National and the subsequent consolidation into the new tower has created an abundance of available prime real estate.