The St. Louis Office market ended the second quarter 2011 with a vacancy rate of 12.6%.
The vacancy rate was up over the previous quarter, with net absorption totaling negative 56,235 square feet in the second quarter. Vacant sublease space increased in the quarter, ending the quarter at 398,922 square feet.
Tenants moving out of large blocks of space in 2011 include National Auto Warranty Services moving out of 253,313 square feet at Mall at Wentzville Crossing in Wentzville, MO. Tenants moving into large blocks of space in 2011 include General Services Administration moving into 474,690 square feet at National Records & Archives Administration in St. Louis.
Rental rates ended the second quarter at $18.06, a decrease over the previous quarter.
A total of one building delivered to the market in the quarter totaling 474,690 square feet, with 377,456 square feet still under construction at the end of the quarter.
The information in this news report is based on CoStar’s Second Quarter 2011 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.