Regional Summaries

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St. Louis

A big year for development has pushed up vacancy in 2017 in the 123,900-unit St. Louis apartment market. The October vacancy rate was 5.2%, not high but up 60 basis points year-to-date on 1,699 units of new supply and 881 units of net absorption. The rate had been 9.2% at the end of 2009. Overall rents were up by 3.9% asking and 2.9% effective year-to-date through October 2017 to $890 and $846 per month. The lower effective rent gain shows an increase in concessions.
The 139.7-million-square-foot St. Louis warehouse/distribution market has been booming, with 2.5 million square feet of competitive new supply in 2017 through October and 3.7 million square feet of net absorption. The vacancy rate that month was 11.0%, down 110 basis points year-to-date and down 70 since mid-year despite more than 1.4 million square feet added. The average asking rent increased 2.5% year-to-date to $4.06 psf in October, with the average effective rent up 2.7% to $3.78 psf. The 11.6-million-square-foot Flex/R&D market remains quieter, with just 33,000 square feet of net absorption year-to-date through October. The vacancy rate was 13.5% that month, down 30 basis points year-to-date and down 20 from mid-year. The average asking rent was $7.37 psf in October, up 1.0% year-to-date, with the average effective rent at $6.83 psf, up 1.0% as well.
The 45.5-million-square-foot general purpose, multi-tenant St. Louis office market stalled a little after mid-2017, with just 12,000 square feet of net absorption and four cents of asking and effective rent gains from July to October. In the latter month, however, the vacancy rate of 15.7% was still down 40 basis points year-to-date, with the average asking rent of $21.45 psf up 1.0% and the average effective rent of $16.47 psf up 1.2%.
The 29-million-square-foot St. Louis community-neighborhood shopping center market has issues, with a relatively high vacancy rate of 12.2% in October 2017 and 40,000 square feet of negative net absorption year-to-date that month. Net absorption had been moderately positive in 2015 and 2016. Rents continue to rise slowly, however, despite high vacancy. The average asking rent was $15.57 psf in October, up 1.1% year-to-date, and the average effective rent was $12.86 psf, up 1.2%.

Source: Data provided by Reis, inc.

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