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St. Louis

Apartment
The 122,224-unit St. Louis apartment market was strong and balanced in early 2017. The 254-unit Alinea at Town & County and the 217-unit Citizen Park, both in the city of St. Louis, had completed construction by April, but the 4.6% vacancy rate that month was up just 10 basis points year-to-date. Rent gains were strong in 2016 with increases of 4.2% asking and 4.7% effective, the most since 1996—a time when overall inflation was much higher. But the increases have moderated this year. In the first quarter, the average asking rent increased 0.3% to $860 per month, and the average effective rent was up 0.2% to $823 per month. This reduced the year-over-year gain to 3.9% by both measures. The overall asking average increased 0.6% in April, but the average effective rent rose just 0.1%.
Industrial
The 135.1-million-square-foot St. Louis warehouse/distribution market got off to a strong start in early 2017, ahead of a huge surge of new supply. The 422,000-square-foot Hazelwood Logistics Center completed construction in March, but the April vacancy rate of 12.3% was up just 10 basis points year-to-date. Rents increased 0.5% by both measures over the quarter to $3.96 psf asking and $3.68 psf effective. There was no further change in April. The 11.6-million-square-foot Flex/R&D got off to a slow start to the year, with net absorption slightly above zero through April 2017 and a vacancy rate of 13.7% that is down 10 basis points year-to-date. The vacancy rate was 13.8% at year-end and 13.7% in January 2017. The average asking rent increased 0.5% in the first quarter to $7.33 psf, with the average effective rent up 0.6% to $6.79 psf. Rents were flat in April.
Office
The 45.2-million-square-foot general purpose, multi-tenant St. Louis office market got off to a solid start to 2017, with 170,000 square feet of net absorption through April. The vacancy rate was 15.8% that month, down 40 basis points year-to-date. Rent gains remain very limited. In the first quarter, the average asking rent edged up 0.4% to $21.34 psf while the average effective rent increased 0.5% to $16.37 psf. The year-over-year gains were just 0.7% and 0.9%, respectively. There was no change in rents in April.
Retail
The 28.9-million-square-foot St. Louis community-neighborhood shopping center market got off to a slow start to 2017, with 37,000 square feet of negative net absorption through April. With the 80,500-square-foot The Center at Kenrick Plaza neighborhood center completing construction in the city of St. Louis in March, the April vacancy rate of 12.3% was up 40 basis points year-to-date. The average asking rent increased 0.5% in the first quarter of 2017 to $15.48 psf, with the average effective rent up 0.6% to $12.78 psf. The April gain was 0.1% by both measures.

Source: Data provided by Reis, inc.

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