Office Space in Saint Louis
It was reported by Charlie Wormek, Office and Industrial Relocation Manager for Cord Moving and Storage a leading expert in the commercial moving business, that the St. Louis Office market ended the second quarter 2011 with a vacancy rate of 12.6%.
Charlie Wormek also reported this morning that 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 which Cord Moving and Storage has seen as a natural trend considering the current national economy.
One final note that Cord Moving and Storage is reporting, 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.