St. Louis Office Market
| Average Asking Rent (Price/SF) | $21.11 |
| Vacancy Rate (%) | 11.4% |
| Net Absorption (SF) | -97,691 |
The St. Louis office market realized a decrease in asking rental rates in the fourth quarter of 2020, as rents dropped to $21.11/SF, down $0.20/SF from third-quarter 2020. Market vacancy rose to 11.4%, an increase of 10 basis points from the prior quarter and an increase of 50 basis points from one year ago. Total net absorption in the quarter measured negative 97,691 square feet, bringing the total for the past four quarters to negative 212,014 square feet. Construction projects underway during the quarter totaled 634,750 square feet, as no projects delivered to the market.
Download St. Louis Office Market Report 4Q20St. Louis Industrial Market
| Average Asking Rent (Price/SF) | $4.69 |
| Vacancy Rate (%) | 6.1% |
| Net Absorption (SF) | -365,626 |
The St. Louis industrial sector loosened in the fourth quarter of 2020. During this period, the market realized negative absorption of 365,626 square feet. Overall vacancy increased 10 basis points from the prior quarter to 6.1%, while average quoted rents increased from $4.63/SF to $4.69/SF. Two properties, the 543,227-square-foot Gateway TradePort 2, built on a speculative basis, and the 240,000-square-foot building located at 521 Pearl Drive (100% leased to Cosmos Corporation), delivered 783,227 square feet of product to the market during the quarter, while developments under construction decreased to 1.9 million square feet of product planned for delivery.
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