Q4 2012 Quarterly Report - Office - Solon Gershman Inc.
Q4 2012 Quarterly Report - Office - Solon Gershman Inc.
Q4 2012 Quarterly Report - Office - Solon Gershman Inc.
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<strong>Office</strong> Market <strong>Report</strong><br />
<strong>Q4</strong> <strong>2012</strong><br />
The office vacancy rate in the St. Louis market area increased to 20.3% at the end of the fourth quarter <strong>2012</strong>. The<br />
vacancy rate was 19.5% at the end of the third quarter <strong>2012</strong>.<br />
<strong>Office</strong> net absorption decreased in St. Louis for the fourth quarter <strong>2012</strong> with negative (363,242) square feet<br />
absorbed. In the third quarter <strong>2012</strong>, net absorption was positive 252,309 square feet.<br />
The average quoted asking rental rate in the St. Louis office market increased over the previous quarter. Quoted rents<br />
ended the fourth quarter <strong>2012</strong> at $18.93 per square foot per year. That compares to $18.36 per square foot in the<br />
third quarter <strong>2012</strong>.<br />
*Disclaimer: All Information is collected from Costar Group <strong>Inc</strong>. at the end of 4th quarter. All information is subject to change.<br />
Market Trends<br />
Vacancy Rate<br />
Net Absorption<br />
Rental Rates<br />
Construction<br />
100,000 SF<br />
<strong>Office</strong> market data used for this report consists of only multi-tenant<br />
office buildings over 20,000 square feet, excluding medical.
Total <strong>Office</strong> Market Statistics<br />
Existing Inventory<br />
Vacancy<br />
YTD Deliveries<br />
Const SF Rates<br />
Under Quoted<br />
Submarket<br />
Net Absorption<br />
# Bldgs. Total GLA Direct SF Total SF Vac %<br />
Clayton 82 7,965,970 858,894 906,084 11.4% 23,345 0 0 $22.39<br />
I-270/Manchester 28 1,636,496 176,863 176,863 10.8% 20,957 0 0 $20.07<br />
I-270/Olive 83 5,533,121 940,194 968,666 17.5% (165,910) 0 0 $19.31<br />
North County 55 3,909,471 1,212,011 1,212,011 31.0% (64,294) 0 0 $16.95<br />
South County 64 3,749,335 588,453 589,103 15.7% (67,119) 0 0 $20.51<br />
St. Charles 41 1,832,762 389,352 396,852 21.7% 5,944 0 0 $15.96<br />
St. Louis City 127 17,715,279 4,577,151 4,610,722 26.0% (5,902) 0 0 $15.31<br />
West County/Chesterfield 84 6,124,696 839,631 937,391 15.3% (12,587) 0 0 $22.21<br />
Westport 47 2,993,990 654,560 656,449 21.9% (97,676) 0 0 $17.67<br />
Totals 611 51,461,120 10,237,109 10,454,141 20.3% (363,242) 0 0 $18.93<br />
<strong>Office</strong> market data collected from CoStar used in this report consists of only multi-tenant office buildings over 20,000 square feet, excluding medical.<br />
Recent Market Transactions<br />
Tenant Name Building SF Submarket<br />
Malkinckrodt Group Corporate Technology 88,896 Airport<br />
Malkinckrodt Group Corporate Technology 86,988 Airport<br />
URS Corporation* 1001 Highlands Plaza Drive West 35,422 St. Louis City<br />
Golder Associates, <strong>Inc</strong>.* Barrett Woods Corporate Center 15,241 I-270 / Manchester<br />
Sprint Communications* 1801 Park 270 Drive 12,787 Westport<br />
*Renewal<br />
Featured Property<br />
Owen Ridge Campus<br />
345-349 Marshall Avenue<br />
St. Louis, MO 63119<br />
For Lease<br />
2,360 SF - 13,000 Contiguous SF Available<br />
345 Marshall - 2nd Floor West: 10,351 SF Available<br />
345 Marshall - Entire 3rd Floor: 13,000 SF Available<br />
5 Minutes to Clayton, I-44, I-64 & MetroLink<br />
Building Signage Available<br />
Outlots also Available for Lease<br />
Lease Rate: $15.50 PSF, Full Service<br />
Contact: Tim Balk: 314-746-1433<br />
www.<strong>Gershman</strong>Commercial.com
Retail Market <strong>Report</strong><br />
<strong>Q4</strong> <strong>2012</strong><br />
The retail vacancy rate in the St. Louis market area decreased to 7.7% at the end of the fourth quarter <strong>2012</strong>. The<br />
vacancy rate was 7.9% at the end of the third quarter <strong>2012</strong>.<br />
Retail net absorption in St. Louis increased for the fourth quarter <strong>2012</strong> with positive 265,907 square feet absorbed. In<br />
the third quarter <strong>2012</strong>, net absorption was positive 224,187 square feet.<br />
During the fourth quarter <strong>2012</strong>, one building totaling 4,912 square feet was delivered to the market in the St. Louis<br />
area. Over the past four quarters, a total of 632,410 square feet of retail space has been built in St. Louis.<br />
Average quoted asking rental rates in the St. Louis retail market are down over previous quarter levels and down from<br />
their levels four quarters ago. Quoted rents ended the fourth quarter <strong>2012</strong> at $12.02 per square foot per year. That<br />
compares to $12.26 per square foot in the third quarter <strong>2012</strong>.<br />
*Disclaimer: All Information is collected from Costar Group <strong>Inc</strong>. at the end of 4th quarter. All information is subject to change.<br />
Market Trends<br />
Vacancy Rate<br />
Net Absorption<br />
Rental Rates<br />
Construction<br />
100,000 SF
Total Retail Market Statistics<br />
Recent Market Transactions<br />
Tenant Name Building SF Submarket<br />
Northern Tool Cave Springs Shopping Center 56,966 St. Charles Region Retail<br />
Party City Cave Springs Shopping Center 16,874 St. Charles Region Retail<br />
Bill’s Market & Meats* Bissell Hills Shopping Center 15,000 North County Retail<br />
CVS Yorkshire Village 14,615 South County Retail<br />
*Renewal<br />
Featured Property<br />
Westgate Centre<br />
12340-12392 Olive Blvd.<br />
Creve Coeur, MO 63141<br />
<br />
2,475 SF Available<br />
For Lease<br />
Located on Olive Blvd. with Access to I-270<br />
<br />
<br />
Anchors <strong>Inc</strong>lude: Culpeppers, TGI Fridays, Jon<br />
Thomas Salon and La Bonne Bouchee<br />
Abundant Parking<br />
Lease Rate: $18.00 PSF, NNN<br />
Contact: Patty Kueneke: 314-746-14259<br />
www.<strong>Gershman</strong>Commercial.com
Industrial Market <strong>Report</strong><br />
<strong>Q4</strong> <strong>2012</strong><br />
The industrial vacancy rate in the St. Louis market area decreased to 8.4% at the end of the fourth quarter <strong>2012</strong>. That<br />
compares to 8.6% at the end of the third quarter <strong>2012</strong>.<br />
Net absorption for the overall St. Louis industrial market was positive 487,411 square feet in the fourth quarter <strong>2012</strong>.<br />
That compares to positive 242,651 square feet in the third quarter <strong>2012</strong>.<br />
At the end of fourth quarter <strong>2012</strong>, there was 209,050 square feet under construction. During the third quarter <strong>2012</strong>,<br />
no buildings were completed or under construction.<br />
The average quoted asking rental rate for available industrial space was $4.00 per square foot per year at the end of<br />
the fourth quarter <strong>2012</strong> in the St. Louis market area. This represented a 0.0% change in the quoted rental rates from<br />
the end of the third quarter <strong>2012</strong>.<br />
*Disclaimer: All Information is collected from Costar Group <strong>Inc</strong>. at the end of 4th quarter. All information is subject to change.<br />
Market Trends<br />
Vacancy Rate<br />
Net Absorption<br />
Rental Rates<br />
Construction<br />
100,000 SF
Total Industrial Market Statistics<br />
Recent Market Transactions<br />
Tenant Name Building SF Submarket<br />
True Manufacturing* 1010 Turner Boulevard 248,635 St. Charles County Industrial<br />
AMS Investment Group, LP* 415 Axminister Drive 81,573 Fenton Industrial<br />
Waters of America* 8921 Frost Avenue 80,000 Airport Industrial<br />
HP Products Corporation 3750 Rider Trail South 60,800 Earth City Industrial<br />
*Renewal<br />
Featured Property<br />
2564-2574 Metro Boulevard<br />
Maryland Heights, MO 63043<br />
For Lease<br />
1,800 - 3,683 SF Available<br />
<br />
<br />
<br />
30% - 45% <strong>Office</strong> Finish<br />
Multi-Tenant <strong>Office</strong>/Warehouse Building<br />
Located 1/4 Mile East of I-270 just off Dorsett Road<br />
Lease Rate: $6.50 PSF, MG<br />
Contact: Mark Brennan: 314-746-1417<br />
www.<strong>Gershman</strong>Commercial.com
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