St. Louis Industrial Market
|Average Asking Rent (Price/SF)||$4.74|
|Vacancy Rate (%)||5.0%|
|Net Absorption (SF)||488,205|
The St. Louis industrial market was active in the first quarter of 2018, as 488,205 square feet was absorbed. Overall vacancy decreased 20 basis points compared with the prior quarter to 5.0%, while average quoted rents increased from $4.61/SF to $4.74/SF. No new projects delivered to the market during the quarter. However, projects under construction increased significantly, with 6.8 million square feet of product planned for delivery.
St. Louis Office Market
|Average Asking Rent (Price/SF)||$19.65|
|Vacancy Rate (%)||10.3%|
|Net Absorption (SF)||-278,391|
The St. Louis office market ended its 11-quarter streak of decreasing vacancy, as vacancy increased 30 basis points in the first quarter of 2018. Vacancy has decreased 90 basis points over the past year, from 11.2% to 10.3%. Total net absorption in the first quarter measured negative 278,391 square feet, bringing the total for the past four quarters to 964,691 square feet. Current projects under construction and deliveries to the market remained nonexistent.
St. Louis Retail Market
|Average Asking Rent (Price/SF)||$12.76|
|Vacancy Rate (%)||4.9%|
|Net Absorption (SF)||-421,002|
The overall St. Louis retail market tightened year-over-year in the first quarter of 2018, realizing a 10-basis-point decrease in vacancy. Net absorption totaled 622,720 square feet for the past four quarters and more than 2.6 million square feet for the past two years, indicating a sound market. The average quoted rental rate measured $12.76/SF, up $0.61/SF from one year ago.