St. Louis Industrial Market
|Average Asking Rent (Price/SF)||$4.60|
|Vacancy Rate (%)||5.2%|
|Net Absorption (SF)||563,445|
The St. Louis industrial market was active in the fourth quarter of 2017, as 563,445 square feet was absorbed. Overall vacancy remained flat compared with the prior quarter at 5.2%, while average quoted rents increased from $4.56/SF to $4.60/SF. Various projects delivered 668,400 square feet of product to the market during the quarter, while projects under construction remained significant, with 2.8 million square feet of product planned for delivery.
St. Louis Office Market
|Average Asking Rent (Price/SF)||$19.01|
|Vacancy Rate (%)||9.7%|
|Net Absorption (SF)||459,527|
The St. Louis office market realized its 11th consecutive quarter of decreasing vacancy in the fourth quarter of 2017. Vacancy has decreased 130 basis points over the past year, from 11.0% to 9.7%. Total net absorption in the fourth quarter measured 459,527 square feet, with year-to-date absorption measuring 1.0 million square feet. Current projects under construction and deliveries to the market remained nonexistent.
St. Louis Retail Market
|Average Asking Rent (Price/SF)||$12.52|
|Vacancy Rate (%)||4.7%|
|Net Absorption (SF)||368,610|
The overall St. Louis market tightened over the past year, realizing a 40-basis-point drop in vacancy. Demonstrating the strength of the local retail market, over 1.1 million square feet of net absorption occurred in 2017, with over 3.0 million square feet absorbed over the past two years. The average quoted rental rate measured $12.52/SF, up $0.58/SF from the prior year.