Q2 2024 Office Market Report

OFFICE MARKET OVERVIEW

The St. Louis office market has started to stabilize through 24Q1. Office space demand reached 1.1 million SF over the trailing 12 months, the highest level since 2017. Space users have been active recently, as one large property from Washington University delivered, and several other companies purchased vacant buildings over the past year. The region’s vacancy rate has declined to 10.4%, down from a 10-year high of 11% a year ago. St. Louis remains a lower-cost office market, as rental rates average $22.00/SF. With vacancy rates above the market’s long-term averages and rents, which have risen only 1.3% in the past year, it is below the market’s 5- and 10- year averages.