Saint Louis Commercial Property Trends
The Commercial Division of Cord Moving Storage led by Charlie Wormek watch the trends constantly just because that is what he does and he is happy to report that the St. Louis Industrial market ended the first quarter 2011 with a vacancy rate of 8.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 530,565 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 518,411 square feet.
Tenants moving into large blocks of space in 2011 include: Cenevo Inc moving into 220,000 square feet at 101 Workman Ct, Executive Express Inc moving into 95,143 square feet at 5485 Brown Ave, and TAGG Logistics moving into 71,600 square feet at 11608-11628 Fairgrove Industrial Dr.
Rental rates ended the first quarter at $4.20, an increase over the previous quarter. There was 10,800 square feet still under construction at the end of the quarter which is another leading indicator that the “tide is turning.”