St. Louis Office Market
| Average Asking Rent (Price/SF) | $21.66 |
| Vacancy Rate (%) | 12.8% |
| Net Absorption (SF) | -157,500 |
The St. Louis office market realized an increase in asking rental rates in the second quarter of 2021, as rents climbed to a record high of $21.66/SF, up $0.25/SF from first-quarter 2021. Market vacancy rose to 12.8%, an increase of 30 basis points from the prior quarter and an increase of 230 basis points from one year ago. Total net absorption in the quarter measured negative 157,500 square feet, bringing the total for the past four quarters to negative 1.7 million square feet. One construction project underway during the quarter totaled 224,585 square feet. The Class A Forsyth Pointe project in Clayton is currently 41.7% pre-leased. No projects delivered to the market during the quarter.
Download St. Louis Office Market Report 2Q21
St. Louis Industrial Market
| Average Asking Rent (Price/SF) | $4.61 |
| Vacancy Rate (%) | 4.7% |
| Net Absorption (SF) | 1,321,375 |
The St. Louis industrial sector tightened in the second quarter of 2021. During this period, the market realized positive absorption of 1.3 million square feet, the third highest quarterly absorption since third-quarter 2017. Overall vacancy decreased 40 basis points from the prior quarter to 4.7%, while average quoted rents slightly decreased from $4.63/SF to $4.61/SF. Seven properties, including: the 252,270-square-foot Hazelwood TradePort Building 1; the 142,000-square-foot, fully occupied Patriot Machine building in St. Charles; and the 111,880-square-foot Earth City Commerce Center located at 3930 Earth City Expressway delivered 663,560 square feet of product to the market during the quarter, while developments under construction remained at 2.7 million square feet.
Download St. Louis Industrial Market Report 2Q21 Download St. Louis Retail Market Report 1Q21 Download St. Louis Capital Market Report 1Q21