St. Louis Office Market
| Average Asking Rent (Price/SF) | $23.02 |
| Vacancy Rate (%) | 16.1% |
| Net Absorption (SF) | -1,141,052 |
The St. Louis office market realized an increase in asking rental rates in the third quarter of 2022, as rents climbed by $0.49/SF to a new record high of $23.02/SF, up from $22.53/SF in the second quarter of 2022. Due to interest rate hikes and inflation affecting landlords in the form of higher construction costs, repair costs and CAM charges, rental rates are projected to rise for the near future.
Download St. Louis Office Market Report 3Q22
St. Louis Industrial Market
| Average Asking Rent (Price/SF) | $5.56 |
| Vacancy Rate (%) | 3.1% |
| Net Absorption (SF) | -943 |
The St. Louis industrial sector slightly loosened in the third quarter of 2022. During this period, the market realized total net absorption of negative 943 square feet. Overall vacancy increased 40 basis points from the prior quarter to 3.1%, while average quoted rents increased significantly from $5.30/SF to $5.56/SF. Three properties delivered 639,200 square feet of product to the market during the quarter. Developments under construction increased to 8.4 million square feet as NorthPoint Development, the Sansone Group, TriStar Properties and Panattoni Development Company, Inc. began construction on various speculative projects during the past year. Net absorption totaled 4.9 million square feet for the past four quarters, equating to a 35.2% increase from the annual average net absorption of 3.6 million square feet during 2017 through 2020.
Download St. Louis Industrial Market Report 3Q22 Download St. Louis Retail Market Report 2Q22 Download St. Louis Capital Market Report 2Q22