St. Louis Industrial Market
|Average Asking Rent (Price/SF)||$4.79|
|Vacancy Rate (%)||4.7%|
|Net Absorption (SF)||1,698,199|
The St. Louis industrial market was active in the third quarter of 2018, as 1.7 million square feet was absorbed. Overall vacancy decreased 60 basis points from the prior quarter to 4.7%, while average quoted rents increased from $4.78/SF to $4.79/SF. Various projects delivered 209,822 square feet of product to the market during the quarter, while projects under construction remained significant, with 5.8 million square feet of product planned for delivery.
St. Louis Office Market
|Average Asking Rent (Price/SF)||$19.95|
|Vacancy Rate (%)||11.7%|
|Net Absorption (SF)||219,210|
The St. Louis office market realized record highs for asking rental rates in the third quarter of 2018, as rents increased to $19.95/SF, up $0.95/SF in the past year. The market continued to tighten, as vacancy decreased 20 basis points in the third quarter. Vacancy has decreased 60 basis points over the past year, from 12.3% to 11.7%. Total net absorption in the third quarter measured 219,210 square feet, bringing the total for the past four quarters to 558,022 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)||$13.10|
|Vacancy Rate (%)||4.8%|
|Net Absorption (SF)||-22,896|
The overall St. Louis retail market remained flat year-over-year in the third quarter of 2018, with no change in vacancy. Net absorption totaled 162,195 square feet for the past four quarters and more than 1.8 million square feet for the past two years, indicating a sound market. The average quoted rental rate measured $13.10/SF, up $0.86/SF from one year ago.