Q4 2012 Quarterly Report - Office - Solon Gershman Inc.
Q4 2012 Quarterly Report - Office - Solon Gershman Inc. Q4 2012 Quarterly Report - Office - Solon Gershman Inc.
Office Market Report Q4 2012 The office vacancy rate in the St. Louis market area increased to 20.3% at the end of the fourth quarter 2012. The vacancy rate was 19.5% at the end of the third quarter 2012. Office net absorption decreased in St. Louis for the fourth quarter 2012 with negative (363,242) square feet absorbed. In the third quarter 2012, net absorption was positive 252,309 square feet. The average quoted asking rental rate in the St. Louis office market increased over the previous quarter. Quoted rents ended the fourth quarter 2012 at $18.93 per square foot per year. That compares to $18.36 per square foot in the third quarter 2012. *Disclaimer: All Information is collected from Costar Group Inc. at the end of 4th quarter. All information is subject to change. Market Trends Vacancy Rate Net Absorption Rental Rates Construction 100,000 SF Office market data used for this report consists of only multi-tenant office buildings over 20,000 square feet, excluding medical.
- Page 2 and 3: Total Office Market Statistics Exis
- Page 4 and 5: Total Retail Market Statistics Rece
- Page 6: Total Industrial Market Statistics
<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
Change language