St. Louis Industrial Market
|Average Asking Rent (Price/SF)||$4.79|
|Vacancy Rate (%)||5.1%|
|Net Absorption (SF)||717,828|
The St. Louis industrial market was active in the second quarter of 2018, as 717,828 square feet was absorbed. Overall vacancy increased 10 basis points from prior quarter to 5.1%, while average quoted rents increased from $4.71/SF to $4.79/SF. Various projects delivered 1.1 million square feet of product to the market during the quarter, while projects under construction remained significant, with 3.8 million square feet of product planned for delivery.
St. Louis Office Market
|Average Asking Rent (Price/SF)||$19.63|
|Vacancy Rate (%)||12.3%|
|Net Absorption (SF)||-180,759|
The St. Louis office market continued to loosen as vacancy increased 20 basis points in the second quarter of 2018. Vacancy has increased 150 basis points over the past year, from 10.8% to 12.3%. Total net absorption in the second quarter measured negative 180,759 square feet, bringing the total for the past four quarters to negative 801,308 square feet. Current projects under construction remained minimal at 60,000 square feet during the quarter, as no project delivered to the market.
St. Louis Retail Market
|Average Asking Rent (Price/SF)||$12.97|
|Vacancy Rate (%)||4.9%|
|Net Absorption (SF)||-21,270|
The overall St. Louis retail market tightened year-over-year in the second quarter of 2018, realizing a 10-basis-point decrease in vacancy. Net absorption totaled 584,818 square feet for the past four quarters and more than 2.0 million square feet for the past two years, indicating a sound market. The average quoted rental rate measured $12.97/SF, up $0.81/SF from one year ago.