St. Louis Industrial Market
|Average Asking Rent (Price/SF)||$4.43|
|Vacancy Rate (%)||6.0%|
|Net Absorption (SF)||1,517,326|
The St. Louis industrial market was active in the first quarter of 2017, as 1.5 million square feet was absorbed. Overall vacancy decreased 10 basis points from the prior quarter to 6.0%, while average quoted rents increased from $4.33/SF to $4.43/SF. A total of 1.3 million square feet of space delivered to the market during the quarter, while projects under construction remained significant, with 4.9 million square feet of product planned for delivery.
St. Louis Office Market
|Average Asking Rent (Price/SF)||$18.76|
|Vacancy Rate (%)||11.2%|
|Net Absorption (SF)||75,418|
The St. Louis office market saw a decrease in asking rents during the first quarter of 2017, while overall vacancy also decreased, falling 10 basis points. The market experienced 75,418 square feet of net absorption during the quarter and 1.9 million square feet over the past four quarters. A total of 845,000 square feet of product is currently under construction.
St. Louis Retail Market
|Average Asking Rent (Price/SF)||$11.85|
|Vacancy Rate (%)||5.10%|
|Net Absorption (SF)||522,851|
Following a robust winter shopping season, the overall St. Louis retail market has tightened over the past year, realizing an 80-basis-point drop in vacancy. Demonstrating the strength of the local retail market, over 2.0 million square feet of net absorption occurred during the past four quarters, with nearly 4.0 million square feet absorbed over the past two years. The average quoted rental rate measured $11.85/SF, down $0.29/SF from the prior year. With decreasing vacancy rates and substantial net absorption, the metropolitan St. Louis retail market is well-positioned coming out of the winter holiday shopping season.