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GEICO Chooses Lenexa, KS for New Service Center

CoStar Market Insights: Buffett Visits Kansas City to Announce GEICO Center and 500 Jobs for the Metropolitan Area
June 29, 2018
The 55,459-square-foot flex building at 11214 Renner Blvd. in Lenexa, KS

Warren Buffett was on site in the Kansas City area to announce GEICO will open its new service center in Lenexa as early as this fall. The private auto insurer will bring about 500 entry-level jobs to the area with the move.

The Kansas side of the border has drawn many businesses to wealthy Johnson County. Not only does this side of the border have one of the largest concentrations of median household incomes beyond $95,000 per year and homes with values exceeding $250,000, but state government and local economic development committees have given vast incentives to businesses investing in the area via development and jobs. This resulted in bidding wars the past few years between the Missouri and Kansas sides of the metro.

In the case of GEICO, Buffett indicated Lenexa won the bid for its service facility due to its low cost of living, status as a Midwest hub and friendly culture. Though city officials said they did not offer any incentives, state government did provide them in exchange for the $10 million investment and 500 jobs the company will provide the region. Kansas' Governor Jeff Colyer confirmed the offer and highlighted the city's ability to compete with alternates across the nation. Executives noted the center is scheduled to open near Labor Day and would add the jobs over the next five years. GEICO officials have indicated that no experience will be needed to apply and they would provide on the job training.

When GEICO opens its center in the 55,459-square-foot building at 11214 Renner Blvd., it will add the most jobs the metro has seen in recent years, according to the Kansas City Area Economic Development Council. The property insurer plans to renovate the space prior to moving in this fall. Other tenants with a large footprint in the industrial park of flex buildings include CVS Caremark, SAFC Biosciences and Uvanta Pharmacy.

CoStar Market Insights provides a snapshot of recent real estate trends. The CoStar Market Analytics team monitors commercial and multifamily real estate across 390 metro areas, with a granular understanding of the projects, players and economic trends that move these markets.

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