Regional Summaries

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St. Louis

The 121,474-unit St. Louis apartment market had a strong year for rent gains in 2016. The vacancy rate began and ended the year at 4.3%, and it was also at 4.3% in January 2017. Rent gains were strong in 2016, with the average asking rent up 4.0% to $854 per month and the average effective rent up 4.3% to $816 per month. The fourth quarter gains were 0.9% and 1.0%, respectively. The overall average asking and effective rents ticked up a dollar in January 2017.
The 135.1-million-square-foot St. Louis warehouse/distribution market had a solid year in 2016, according to Reis, with net absorption coming in at 639,000 square feet despite no rental buildings completing construction. The vacancy rate ended the year at 12.2%, down 40 basis points over the year and down 10 in the fourth quarter. The average asking rent was up 1.5% during the year to $3.94 psf, with the average effective rent up 1.9% to $3.66 psf. The fourth quarter increase was 0.5% by both measures. In January 2017, the vacancy rate was 12.1%, and the average asking rent increased a penny. The 11.6-million-square-foot Flex/R&D market suffered a setback in the fourth quarter with 184,000 square feet of negative net absorption, reducing the 2016 total to plus 94,000. The vacancy rate was 13.8% at year-end and 13.7% in January 2017. Rents increased just 0.1% by both measures in the fourth quarter to $7.29 psf asking and $6.75 psf effective. The annual gains were 1.3% asking and 1.4% effective in 2016.
The 45.45-million-square-foot St. Louis general purpose, multi-tenant office market ended 2016 strong. The 104,000-square-foot Block 2000 of the Streets of St. Charles completed construction in October; but net absorption totaled 183,000 square feet, and the vacancy rate fell 30 basis points over the quarter to 16.1%. The rate was down 50 basis points over the year on 126,000 square feet of new supply and 344,000 of net absorption. Occupancy was flat in January. Rent gains remain limited. In 2016, the average asking rent edged up 0.3% to $21.24 psf while the average effective rent increased 0.5% to $16.92 psf. The fourth quarter accounted for most of that increase, and it was followed by essentially flat rents in January 2017.
The 28.9-million-square-foot St. Louis community-neighborhood shopping center market was balanced in 2016, with the vacancy rate edging up 10 basis points over the year to 11.8%. The rate fell back to 11.7% in January 2017. The average asking rent increased 1.7% in 2016 to $15.38 psf at year-end, with the average effective rent up 1.8% to $12.70 psf. The fourth quarter gains were 1.1% and 1.2%, respectively. Rents slipped 0.1% by both measures in January 2017.

Source: Data provided by Reis, inc.

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