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2021 Q3 Office St Louis Report Colliers

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2Q21 Office STL
This past quarter was a strong one for the St. Louis office market.  Leasing activity is up and, for the first time since before the pandemic, absorption is positive.  Nearly all submarkets saw positive absorption numbers in third quarter.  The Chesterfield submarket lead the way with quarterly positive absorption of approximately 36,000 square feet (SF), followed closely by the Clayton submarket with approximately 34,000 SF of positive absorption.  Asking rents continue to increase and vacancy rates, although still high compared to the previous few years, have seen a drop from the previous quarter.  Optimism seems to be returning to the office market as we continue to emerge from the pandemic.
Many companies have returned to the office and we are seeing a boost in leasing activity because of it.  Year-to-date leasing activity is up nearly 93% compared to this time last year while average rental rates have increased 5.85% during that same time span.  There have been few large leases for office space which may be due to many companies shifting to a hybrid work environment which requires less office space.  Office users that are looking for space will likely have a large number to choose from with nearly 2.3 million square feet (MSF) of new construction entering the St. Louis market in the near future.  The pandemic has affected nearly the entire country’s ability to deliver new construction to the market and St. Louis is no different.  Building inventory has been stagnant for the past few quarters but as construction continues to ramp up, we expect the inventory numbers to increase soon.

3Q21 SiteCore Office

2021 Q3 Office St Louis Report Colliers

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David Holtzman

Research Analyst

St. Louis - Clayton

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Molly Mastin

Senior Director - Marketing & Research

St. Louis - Clayton

As Senior Director of Marketing & Research in St. Louis, Molly is responsible for the implementation of the Colliers International brand standards, oversight of the creation and development of marketing-related materials, and strategic marketing initiatives. She specializes in new business proposals, client presentations, event planning and property marketing.

Molly has worked in the commercial real estate industry since 2003. She has been involved in a wide range of responsibilities in both the marketing and research departments. Prior to joining Colliers International, Molly worked as the director of marketing and research with Gateway Commercial, a Cushman & Wakefield affiliate. She is a licensed salesperson in the state of Missouri.

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