2018 Q4 Gundaker Commercial Office Market Report
The St. Louis office market recorded 471,056 SF of net absorption during 4Q 2018. Direct net absorption totaled 405,740 SF of absorption with Sublet net absorption totaling a 65,817 SF for 4Q 2018. The total vacancy rate decreased from 10.8% in 4Q 2017 to 10.4% at the close of 4Q 2018.
Class B experienced an decrease in vacancy from 9.9% in 3Q 2018 to 9.3% in 4Q 2018. Class A experienced a decrease as well, from 11.9% in 3Q 2018 to 11.7% in 4Q 2018. Overall asking rents (Gross) in Class A office buildings increased from $22.10 PSF in 3Q 2018 to $22.62 PSF at the close of 4Q 2018. Class B experienced a decrease as well, from 10.1% in 3Q 2018 to 9.3% in 4Q 2018. Class B office buildings increased as well from $18.49 PSF in 3Q 2018 to $18.60 PSF at the close of 4Q 2018.
