Or they both are.
The kingdom is here, the Spirit of God dwells in His, we have not inherited the kingdom that will be on earth, we will, all of His will, the Spirit is a gaurentee of that from God.
So yes as you say the kingdom is here and no as we say the kingdom is not here.
Heres a little better explanation of exactly what i am saying above:
"For we know that if our earthly house, this tent, is destroyed, we have a building from God, a house not made with hands, eternal in the heavens. For this we groan, earnestly desiring to be clothed with our habitation which is from heaven, if indeed having been clothed, we shall not be found naked. For we who are in this tent groan, being burdened, not because we want to be unclothed, but further clothed, that mortality may be swallowed up by life. Now He who has prepared us for this very thing is God, who also has given us the Spirit as a gaurentee.
So we are always confident, knowing that while we are at home in the body we are absent from the Lord. For we walk by faith, not by sight. We are confident, yes, well pleased rather to be absent from the body and to be present with the Lord."
Grace to you, peace from God and the Lord Jesus Christ.