This report provides an in-depth update on Wichita’s industrial real estate market for the first quarter of 2025, highlighting new developments, leasing activity, construction progress, and key investment trends. With vacancy rates near historic lows and momentum building across multiple submarkets, the market continues to show strong fundamentals and growing demand.
Q1 2025 INDUSTRIAL
NAI MARTENS | Q1 INDUSTRIAL MARKET REPORT
EXECUTIVE SUMMARY Wichita’s industrial real estate sector maintained strong fundamentals in the first quarter of 2025, even as it emerged from a brief slowdown in 2024. Demand for industrial space remains robust, buoyed by Wichita’s central location and transportation links, which continue to attract logistics and manufacturing users to the region. Overall vacancy in the Wichita area hovered around historically low levels of roughly 6.5% during Q1 (indicating that most existing industrial properties are occupied). Lease rates have been on the rise as well – after being in the mid-$5 per square foot range a few years ago, average industrial rents in Wichita have now climbed into the mid-to-low $6 per square foot range. This rent growth reflects both healthy demand and higher construction costs, and many developers expect rates to stabilize at these higher levels going forward. Net absorption (the net change in occupied industrial space) was negative in Q1, albeit at a more modest pace for large big-box facilities In general, smaller and mid-sized industrial spaces continued to lease up quickly, while a few newly built large warehouses were still in the process of securing tenants. Market activity in early 2025 showed signs of acceleration. Several significant new projects were announced or underway, and major deals closed during the quarter, signaling confidence in the Wichita industrial market’s potential. Although the frenetic post-pandemic wave of absorption has cooled compared to 2021-2022, local experts anticipate an “uptick in industrial activity” in 2025 as more product comes online and businesses adjust to economic conditions. In short, Wichita entered 2025 with low vacancy, rising rents, and a pipeline of new developments, creating an encouraging environment for investors, businesses, and lenders evaluating the market.
Vacancy Rate Very low, indicating a tight market. This is below the US industrial average.
6.5%
-
New Deliverables No major compleations in the first quarter. Most Net Absorption Slightly Negative. Several newer built spaces are awaiting tenants.
current construction projects are slated for a late 2025 delivery.
Asking Rates This is an increase,
$6.03 PSF
representing increased construction costs and demand for quality space.
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NAI MARTENS | Q1 INDUSTRIAL MARKET REPORT
Industrial Submarkets
Total Vacant (SF)
YTD Net Absorption (SF)
Weighted Average Leasing Rate (PSF)
CBD
152,170
(324)
$8.00
Hyde Park
61,696
(13,412)
$6.20
Northeast
1,046,373
(6,723)
$6.79
Northwest
55,313
2,400
$10.12
Southeast
960,266
(3,898)
$4.96
Southwest
570,251
(19,817)
$6.25
Totals
2,846,069
(41,774)
$6.03
NORTHWEST
NORTHEAST
CBD/ HYDE PARK
KELLOGG
SOUTHWEST
SOUTHEAST
GENERAL INDUSTRIAL
RD/FLEX
Total Vacant (SF)
2,764,124
Total Vacant (SF)
81,945 (23,320) $11.89
YTD Total Net Absorption (SF) Weighted Average Lease Rate
(18,454)
YTD Total Net Absorption (SF) Weighted Average Lease Rate
$5.83
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NAI MARTENS | Q1 INDUSTRIAL MARKET REPORT
New Industrial Projects and Developments
Q1 2025 saw several noteworthy industrial developments launched in the Wichita area, expanding the region’s inventory and catering to pent-up demand for space. Key new projects and announcements include:
Amazon Last-Mile Distribution Center (Bel Aire):
E-commerce giant Amazon announced plans for its third Wichita-area facility, acquiring 20 acres at Sunflower Commerce Park in Bel Aire for a new 176,000 sq. ft. last-mile delivery warehouse This project – Amazon’s first in Bel Aire – is expected to break ground soon and deliver by late 2025, bringing an estimated 100 new jobs The facility will complement
Amazon’s existing 1-million-square-foot fulfillment center in Park City (opened 2022) and its 2020 delivery center on N. Toben St. in Wichita Amazon’s land purchase in March was one of the largest industrial transactions of Q1 underscoring continued e-commerce investment in the region.
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Sunflower Commerce Park Expansion:
Pawnee and Meridian Spec Warehouse: A local developer is moving forward with a speculative 120,000 sq. ft. industrial building near Pawnee and Meridian in southwest Wichita. This midsize warehouse will add new inventory to a submarket that currently has few large vacant spaces. Its development reflects returned confidence to “pre- pandemic levels” of activity, according to the project’s broker
At Sunflower Commerce Park (the master- planned industrial park in Bel Aire), construction progressed on a new 215,000 sq. ft. speculative warehouse backed by Aspen Funds. By March 2025, site grading and the concrete floor slab for this first building were completed. The project is slated for completion by fall 2025 and is part of a broader effort to deliver modern industrial product. Sunflower Commerce Park has become a development hotspot, with substantial acreage available and now a major tenant (Amazon) committed to the site This new facility will help address the supply/demand gap for Class A industrial space in Wichita.
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Towne West Square Redevelopment:
A joint venture of Industrial Realty Group (IRG) and Provider Real Estate Partners unveiled plans to transform the struggling Towne West Square mall (a 47-acre site at 4600 W. Kellogg) into a $35 million industrial business park In March, the California-based IRG acquired the majority of the mall property and initiated rezoning of the site to industrial use. The redevelopment, starting spring 2025, will repurpose the former retail complex into a mix of facilities focused on manufacturing, and R&D, flex space.
healthcare uses Given the site’s proximity to I- 235 and Eisenhower Airport, the conversion is expected to attract industrial users once complete. City officials have shown support, with the Planning Commission and City Council reviewing the zoning change in late Q1 and early Q2 2025 This project not only absorbs a large vacant retail property but also exemplifies creative reuse to meet industrial demand.
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Planned Semiconductor Plant (Bel Aire):
The Wichita area’s ambitions include one of the largest proposed industrial projects in Kansas – Integra Technologies’ planned semiconductor plant in Bel Aire. Announced in 2023 as a $1.8 billion investment, the project would construct roughly 1 million sq. ft. of high-tech manufacturing space and create 2,000 jobs It was the second-largest economic development deal in Kansas history. However, as of Q1 2025 this project is on hold pending federal funding and incentives, and its timeline remains uncertain. While the massive facility (if built) would be a huge win for the regional economy, brokers note it may have limited impact on the general warehousing market due to its specialized nature Still, the prospect of Integra’s plant has put a spotlight on Wichita’s capacity for large-scale industrial developments and could spur ancillary growth if it moves forward.
These a geographic trend: Wichita’s north and northwest corridors are seeing the bulk of new industrial activity. Areas like Bel Aire, Park City, and Maize offer plentiful land for expansion, and have attracted both local developers and national players. Hundreds of acres remain available in these submarkets for future industrial campuses. In contrast, infill or adaptive-reuse projects (like Towne West’s conversion) are emerging within the city to capitalize on existing sites. Collectively, the Q1 project announcements indicate that developers are responding to Wichita’s sustained demand by adding new supply, from big- box warehouses to specialized manufacturing space. developments highlight
NAI MARTENS | Q1 INDUSTRIAL MARKET REPORT
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Construction Activity and Expansions
NAI MARTENS | Q1 INDUSTRIAL MARKET REPORT
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Construction Activity and Expansions
Construction levels in early 2025 reflect a healthy pipeline, with several large projects in progress across the Wichita metro. Approximately 750,000 square feet of industrial space was under construction in the Wichita area as of Q1. Notably, much of this new space is expected to lease up quickly upon completion, given the market’s low vacancy and lack of competing availabilities in the interim. Developers remain optimistic that these new buildings will not sit empty for long. Major construction projects during the quarter included the ongoing build-out at Sunflower Commerce Park (the 215,000 sq. ft. Aspen Funds warehouse) and site work for Amazon’s 176,000 sq. ft. delivery center in Bel Aire, which is slated to break ground imminently. In addition, groundwork was being laid for the 120,000 sq. ft. spec warehouse in southwest Wichita. These speculative projects are fueled by confidence that “if you have a vacant building, you will lease it” given the alternative of waiting for a build-to-suit development. In other words, any new construction is entering a tight market with ready tenants. Expansions of existing industrial operations also contributed to construction activity. A prime example is Textron Aviation’s facility expansion: In late 2023 Textron completed a
180,000 sq. ft. addition to its global parts distribution center at its Wichita headquarters. This expansion, which broke ground in 2022 and finished by Q4 2023, nearly doubled Textron’s parts warehouse footprint and was fully operational by Q1 2025. It underscores how Wichita’s legacy aerospace manufacturers are investing in larger logistics capabilities to support production and aftermarket needs. Other local companies have similarly been expanding on their campuses or adding buildings to increase capacity. For instance, Wichita’s strong aerospace supply chain has driven some suppliers to on-shore production and enlarge facilities, and the region’s food processing sector has seen new entrants (like snack manufacturer JTM Foods) establishing sizable plants. These incremental expansions, though smaller-scale than the headline projects, are an important facet of industrial growth and have benefited from local incentive programs. Wichita’s speculative building program (offering tax abatements and industrial revenue bonds) helped catalyze many of the new warehouses built in recent years, adding over 1.1 million sq. ft. of space across developments like Webb Road Industrial Park, Sunflower Commerce Park, Ironhorse Manufacturing Park, and ICT21 Industrial District.
NAI MARTENS | Q1 INDUSTRIAL MARKET REPORT
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Tenant Movements and Leasing Activity
Tenant activity in the first quarter was highlighted by a mix of large corporate moves and steady absorption by local and regional firms. Leasing velocity remained solid, particularly for small and mid-sized spaces that are in very short supply. Brokers report that any quality vacant space on the market tends to find a tenant relatively quickly given limited alternatives. On the big-box end, Wichita saw one of its largest recent leases finalized in late 2024: AGCO Corporation, a global farm equipment manufacturer, leased a 201,000 sq. ft. warehouse in the Ironhorse Manufacturing Park That deal filled one of Wichita’s newest speculative buildings and stands as the metro’s biggest industrial lease of the past year. With AGCO’s move, Ironhorse (located in southwest Wichita) now has one remaining large spec building available for lease. Similarly, at the ICT21 Industrial District in north Wichita, a couple of newly built warehouses came online in the past two years – one was occupied by JTM Foods in 2022, and the others are actively being marketed to tenants The fact that a few large blocks of space are still on the market reflects a slight lag in absorbing the recent construction wave; however, this “new inventory” is exactly what has allowed Wichita to attract big employers like JTM and AGCO in the first place.
Local experts see these vacancies as temporary, noting that the presence of modern available space is already drawing fresh inquiries from potential tenants. Beyond the headline deals, ongoing leasing activity in Q1 included both expansions by homegrown companies and entries by firms new to Wichita. For example, Wichita Sign Company and Tortilla King (a food manufacturer) were among the firms that secured industrial leases in late 2024,, indicating a mix of service, manufacturing, and distribution users taking space. Meanwhile, logistics and warehousing users continue to view Wichita favorably. Wichita has seen an uptick in interest from third-party logistics and distribution companies due to the city’s regional proximity and access via major interstates. Some manufacturers in the area are opting to outsource their distribution to such firms, which has generated requirements for warehouse space to serve as regional distribution hubs. Wichita’s location – roughly equidistant from Kansas City, Oklahoma City, and other regional centers – makes it a strategic node for reaching the central U.S. market.
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It’s worth noting that tenant movement has not been one-directional – while many companies are expanding or moving in, a few have vacated older facilities, contributing to turnover. However, much of the space that hit the market from tenant departures has been backfilled. For instance, when some legacy industrial buildings became vacant, they were quickly leased or sold to new occupants given the scarcity of alternatives. This dynamic kept the overall vacancy rate around 6.5% in Q1. Essentially, demand has been broad-based enough to offset move-outs. Sectors active in the market include aerospace/aeronautics (supporting Boeing, Spirit AeroSystems, and other OEM supply chains), food processing, building materials (as seen with firms like Charlotte Pipe & Foundry planning a new plant in the metro), and of course e-commerce distribution. One unique “tenant” development in Q1 was Love’s Travel Stops completing one of its largest travel center facilities on industrial land at the ICT21 park. While not an industrial operator per se, the addition of a major truck stop with amenities at an industrial park is noteworthy – it provides services for truckers and employees, and signals that Wichita’s industrial hubs are generating enough traffic to attract such investments. Love’s had long been hesitant to enter the Wichita market but decided to do so following the successful development of ICT21’s first phase.
Looking ahead, market participants are watching the aerospace sector in Wichita for potential real estate moves. In Q1 it was reported that Boeing Co. is considering an acquisition of Spirit AeroSystems, Wichita’s largest aerospace employer. If that corporate deal comes to fruition, it could catalyze additional industrial real estate activity – either through Boeing expanding local operations or through suppliers relocating to Wichita to be closer to a (theoretically) Boeing-owned Spirit. While purely speculative at this stage, the aerospace industry’s decisions will remain a key demand driver for industrial space in the Wichita region.
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Market Metrics: Vacancy, Lease
Rates, and Absorption
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Market Metrics: Vacancy, Lease Rates, and Absorption Vacancy Rates:
The Wichita industrial market’s vacancy rate stood around 6.5% range at the end of Q1 2025. This level is lower than recent years, and it remains below the national average. (For context, U.S. industrial vacancy rose to about 7.1% by late 2024 amid a surge of new supply, whereas Wichita’s vacancy stayed near record lows.) Such a tight local vacancy rate indicates a landlord-favorable market – space is scarce, and tenants have limited options. Indeed, new high-quality buildings delivered in Wichita
often see significant interest and quickly get leased, even if larger footprints take a bit longer. The vacancy rate for newly-built Class A warehouses had been in the single digits and remains low, though a few big vacancies have inched the overall rate slightly upward from the ultra-low levels of 2022. Still, 6.5% vacancy is indicative of essentially full occupancy in functional terms; many submarkets and property types in Wichita are effectively at 0% availability for ready-to- occupy space. Some industry observers believe lease rates could begin to plateau in 2025 as more space is built and cost pressures stabilize. However, any brand-new construction coming online still requires these higher rents to be financially viable. Second-generation space and older industrial buildings remain more affordable, Overall, Wichita offers a cost advantage in rents compared to larger markets – even at $6-6.50/SF, industrial rents here are well below rents in coastal or Tier-1 distribution hubs – which can be a selling point for firms looking to relocate or expand into a lower-cost region
Lease Rates:
Asking lease rates for industrial properties have increased in Wichita, a trend that continued through Q1. As noted, average industrial rents are now in the mid to high $6.00 per square foot (per year) on a triple-net basis for newer space. Just a few years ago, typical rents were in the mid-$5 range, so the market has seen roughly a $1/SF increase in rents, or 15-20% growth, over that period. Landlords have pushed rents upward to offset rising construction, insurance, and tax costs, and thus far tenants have been willing to pay a premium for quality space given the lack of alternatives.
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Absorption & Demand: Q1 2025 showed very slightly negative absorption but are still at heathy levels and should continue to improve as more product comes online. In fact, experts predict absorption will accelerate once the new wave of industrial product (the 750,000 SF under construction) is delivered, because much of the current pent-up demand cannot be satisfied until those buildings are ready. This dynamic – demand outstripping available supply – has been a defining feature of Wichita’s market. During the pandemic-era boom, companies quickly absorbed nearly all existing vacant space, driving vacancy down to unsustainable lows and creating a supply crunch. Wichita went from having plenty of available buildings pre-2020 to virtually none by 2022, as firms scrambled to add inventory to buffer supply chain disruptions.
The market is now normalizing: developers caught up by adding new warehouses, and absorption has returned to a more “normal” pace after the extraordinary surge. For Q1 2025, any new vacancies (from construction completions or move-outs) were largely balanced by new move-ins, keeping the vacancy rate flat. Anecdotally, if Amazon’s new 176,000 SF building and the other spec projects had been available in Q1, there are likely tenants who would have taken space – which suggests that the current moderate absorption is more a function of limited supply than limited demand.
NAI MARTENS | Q1 INDUSTRIAL MARKET REPORT
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NORTHWEST
CBD/ HYDE PARK
KE
SOUTHWEST
Submarket Highlights
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Key Submarkets and Development Clusters
Northeast Wichita (Bel Aire, Park City, Webb Road Corridor): This area is the hotbed of new development. Proximity to K-96, I-135, and the city of Bel Aire’s pro-business stance have made it a magnet for projects. The Sunflower Commerce Park in Bel Aire is rapidly evolving – Building A (215k SF) finishing construction and plans for several more buildings up to 800k SF total. Park City (just north of Wichita) similarly hosts Amazon’s large fulfillment center and now additional land banking by investors. Notably, the Bayside Industrial Park near Webb Rd & 53rd N is where Amazon bought its new 176k SF facility, and it sits adjacent to other modern warehouses. Development will continue in the north and northwest part of the Wichita area with hundreds of acres of available land in Park City and Bel Aire ready for more industrial projects. The Northeast Wichita submarket (along Webb Rd and Greenwich Rd) also saw numerous smaller-scale warehouses (25k–100k SF) built over the past few years, many of which are fully leased to local suppliers and distributors. Tenant mix: E-commerce distribution, aerospace supply chain, and food processing (e.g., JTM Foods at ICT21) are prevalent here.
Northwest Wichita (ICT21 Industrial District): Just east of the Park City/Bel Aire cluster, within city limits along I-135, lies the ICT21 Industrial District. As mentioned, it’s a unique redevelopment site that delivered large spec warehouses post-2020. With major tenants like JTM Foods (195k SF) and a new Love’s Travel Stop (on an outparcel), ICT21 demonstrates the city’s ability to repurpose brownfield land for modern industrial use. This submarket bridges the gap between the suburban parks and the urban core, offering infill options attractive to certain users (especially those needing both manufacturing and office components). Northwest Wichita & Maize: The northwest side (near Maize and around K-96/I-235 interchange) has historically been lighter in industrial, but it’s starting to see interest as other areas build out. The city of Maize has land zoned for industrial, and one notable development is a new 70,000 SF warehouse that completed in late 2024 for a plumbing supply company. Northwest Wichita is also the home of the future Towne West Industrial Park, which will repurpose the struggling mall into 500k SF of industrial, warehouse and flex space
NAI MARTENS | Q1 INDUSTRIAL MARKET REPORT
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Key Submarkets and Development Clusters
Southwest Wichita (Airport/South Industrial Corridor): The southwest submarket includes the area around Wichita Dwight D. Eisenhower National Airport and down towards the intersection of I-235 and US-54. This area houses Ironhorse Manufacturing Park, which delivered two big spec buildings as discussed. With one filled (AGCO) and one available, Ironhorse is a focal point for large-space options. The Southwest also includes many legacy industrial sites – older manufacturing plants (e.g., spirit AeroSystems’ massive campus is just southeast of the airport), oil refining facilities, and warehouses along West Street and Hoover. We’re seeing some reinvestment here: older facilities coming back to market as second-generation spaces, and smaller infill developments (e.g., a 20k SF truck maintenance facility built near West St in 2025). Southwest Wichita appeals to companies tied to aviation and those requiring heavy industrial zoning. Outlying Areas (Metro Wichita): Surrounding communities contribute to the industrial landscape. Newton (30 miles north) and El Dorado (30 miles east) have industrial parks that occasionally lure distribution centers that serve the Wichita region. Derby to the south has a small industrial area and saw a 15,000 SF expansion by a defense contractor in Q1. Augusta and Andover to the east are exploring developing commerce parks as well, aiming to capture overflow demand.
Central Wichita: The central industrial areas of Wichita, such as along the Arkansas River in the older parts of town, are mostly built-out with older stock. Vacancy is a bit higher in some older multi-tenant warehouses here, but many have been repurposed or are owner-occupied by small manufacturers. Southeast Wichita (around Highway 54/Kellogg and towards Andover) includes some aerospace suppliers and the Spirit AeroSystems campus (by far the largest single industrial site in Wichita). While no major new parks are in SE, Integra Technologies’ proposed semiconductor plant in Bel Aire (on the NE edge) would spill economic benefits into this side if it proceeds. Additionally, the Kansas Coliseum site north- east of downtown (a former arena) is being eyed for potential industrial redevelopment, which could strengthen the central submarket in coming years. Across submarkets, a theme is the need for more producy. Wichita could capture more deals if it had additional ready-to-go buildings. Geographic diversity of industrial development is gradually improving – whereas growth was once confined to established industrial corridors, we now see investment stretching to new corners (e.g., a former mall in west Wichita converting to industrial use). Each submarket has its niche strengths, and together they paint a picture of a region with balanced opportunities for various types of industrial users.
NAI MARTENS | Q1 INDUSTRIAL MARKET REPORT
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2025 Outlook
NAI MARTENS | Q1 INDUSTRIAL MARKET REPORT
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Cautious Optimism in 2025
After a brief slowdown in 2024, all indicators suggest the market is primed for another phase of growth. Several factors underpin this positive forecast: Pent-Up Demand: With new projects completing in 2025, Wichita should see an uptick in absorption as tenants finalize deals for those spaces. The demand is there – it simply needs space to occupy. Companies that have been circling Wichita (or local firms needing to expand) will likely commit once they have the right options. Economic Drivers: Wichita’s key industries (aerospace, manufacturing, logistics, food processing) remain strong. The local economy is adding jobs and diversifying. Notably, the pending Boeing–Spirit AeroSystems deal (Boeing’s planned acquisition of its largest supplier, Wichita-based Spirit) could act as a catalyst for industrial real estate. If finalized, this could lead to supply chain reconfigurations, new suppliers setting up nearby, or existing suppliers expanding to handle increased production. Similarly, if Integra Technologies’ huge semiconductor facility moves forward, it would bring a construction boom and eventually a wave of high-tech manufacturing space demand.
National Trends: On the national stage, the industrial sector in 2025 is entering a new cycle. After record construction, the vacancy rate nationally has doubled from 2021 lows, hitting 8.2% by Feb 2025. Many large markets are digesting that new supply. However, Wichita is an outlier in that its vacancy is still very low. This positions Wichita to potentially attract overflow tenants from congested or expensive markets. Furthermore, the emphasis on reshoring and supply chain resilience means more manufacturers and distributors are seeking central U.S. locations – Wichita could be a beneficiary of that trend, given its transportation links (I-35 corridor, rail, air cargo) and workforce. Infrastructure & Policy: Local governments and economic development groups are proactively addressing infrastructure bottlenecks. Efforts are underway to extend utilities and improve roads in areas like Bel Aire and Park City to ensure large sites remain “build-ready.” Additionally, incentive programs (property tax abatements, IRBs, etc.) continue to make Wichita competitive in attracting projects. The City’s speculative building program, which was crucial in past years, could be refreshed or expanded given its success in spurring development. On the policy front, one headwind is the uncertainty around tariffs and trade policies; recent changes in federal trade stance (e.g., potential tariffs on key trading partners) have introduced a “wait-and-see” approach among some warehouse users. However, many believe these are short-term uncertainties and that clarity will return later in 2025.
13 NAI MARTENS | Q1 INDUSTRIAL MARKET REPORT Development Caution Easing: Developers who hit pause in 2024 due to cost inflation and interest rate spikes are starting to move forward again. Construction material costs have stabilized to some extent, and while financing remains pricier than a couple of years ago, there’s growing confidence that rents can support the new projects. The fact that Wichita’s rent growth persisted and vacancy stayed low through the soft patch gives lenders and developers the green light. We expect more groundbreakings in late 2025 and into 2026, especially if the current projects lease up quickly.
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The information contained herein was obtained from sources believed reliable; however, NAI Martens makes no guarantees, warranties or represents as to the completeness or accuracy thereof.
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