St. Louis Industrial Market
|Average Asking Rent (Price/SF)||$4.56|
|Vacancy Rate (%)||5.6%|
|Net Absorption (SF)||2,548,817|
The St. Louis industrial market was very active in the third quarter of 2017, as 2.5 million square feet was absorbed. Overall vacancy decreased 70 basis points from the prior quarter to 5.6%, while average quoted rents increased from $4.51/SF to $4.56/SF. Six projects delivered 1.6 million square feet of product to the market during the quarter, while projects under construction remained significant, with 1.5 million square feet of product planned for delivery.
St. Louis Office Market
|Average Asking Rent (Price/SF)||$18.98|
|Vacancy Rate (%)||10.4%|
|Net Absorption (SF)||116,103|
The St. Louis office market realized its 10th consecutive quarter of decreasing vacancy in the third quarter of 2017. Vacancy has decreased 170 basis points over the past year, from 12.1% to 10.4%. Total net absorption in the third quarter measured 116,103 square feet, bringing year-to-date absorption to 444,945 square feet. Current projects under construction remained flat at 125,000 square feet during the quarter, as no project delivered to the market.
St. Louis Retail Market
|Average Asking Rent (Price/SF)||$12.21|
|Vacancy Rate (%)||5.3%|
|Net Absorption (SF)||369,350|
The The overall St. Louis retail market has tightened over the past year, realizing a 10-basis-point drop in vacancy. Demonstrating the strength of the local retail market, over 899,514 square feet of net absorption occurred during the past four quarters, with over 3.0 million square feet absorbed over the past two years. The average quoted rental rate measured $12.21/SF, up $0.06/SF from the prior year.