St. Louis Industrial Market
|Average Asking Rent (Price/SF)||$4.80|
|Vacancy Rate (%)||4.8%|
|Net Absorption (SF)||640,908|
The St. Louis industrial market was active in the fourth quarter of 2018, as 640,908 square feet was absorbed. Overall vacancy increased 30 basis points from the prior quarter to 4.8%, while average quoted rents increased from $4.73/SF to $4.80/SF. Various projects delivered 1.4 million square feet of product to the market during the quarter, while projects under construction remained significant, with 5.6 million square feet of product planned for delivery.
St. Louis Office Market
|Average Asking Rent (Price/SF)||$20.22|
|Vacancy Rate (%)||9.9%|
|Net Absorption (SF)||384,254|
The St. Louis office market realized record highs for asking rental rates in the fourth quarter of 2018, as rents increased to $20.22/SF, up $1.17/SF in the past year. The market continued to tighten, as vacancy decreased 50 basis points in the fourth quarter. Vacancy has decreased 30 basis points over the past year, from 10.2% to 9.9%. Total net absorption in the fourth quarter measured 384,254 square feet, bringing the total for the past four quarters to 192,872 square feet. Current projects under construction remained minimal at 60,000 square feet during the quarter, as no projects delivered to the market.
St. Louis Retail Market
|Average Asking Rent (Price/SF)||$13.15|
|Vacancy Rate (%)||4.9%|
|Net Absorption (SF)||-412,306|
The overall St. Louis retail market loosened year-over-year in the fourth quarter of 2018, realizing a 30-basis-point increase in vacancy. Net absorption totaled negative 186,716 square feet for the past four quarters and positive 889,629 square feet for the past two years. The average quoted rental rate measured $13.15/SF, up $0.74/SF from one year ago.