2019 Q2 Gundaker Commercial Group Office Market Report
The St. Louis office market recorded -78,037 SF of net absorption during 2Q 2019. Direct net absorption totaled -53,630 SF of absorption with Sublet net absorption totaling a -24,407 SF for 2Q 2019. The total vacancy rate increased from 11% in 1Q 2019 to 11.2% at the close of
2Q 2019.
Class A experienced a increase in vacancy from 13% in 1Q 2019 to 14.4% in 2Q 2019. Class B experienced a decrease in vacancy from 9.2% in 1Q 2019 to 8.1% in 2Q 2019. Overall asking rents (Gross) in Class A office buildings decreased from $22.38 PSF in 1Q 2019 to $21.96 PSF at the close of 2Q 2019. Class B office building rents increased from $18.48 PSF in 1Q 2019 to $18.54 PSF at the close of 2Q 2019.
