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2022 Q2 Office St Louis Report Colliers

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2Q22 SiteCore4

Uncertain Times

The St. Louis office market experienced more decline this past quarter as both users and owners navigate these uncertain post-pandemic times. Vacancy rates continue to rise, from 18.00% in Q1 to 18.45% in Q2. This is the highest vacancy rate since 2013. Net absorption dropped by 322,909 square feet (SF), with the most significant decrease in the South County submarket with 158,520 SF of negative absorption. North County saw the second-largest reduction in net absorption posting negative 119,180 SF. Nearly 70% of this negative absorption was due to new subleases hitting the market. Subleases climbed to 1.55 million square feet (MSF) in Q2. Despite these declines, rental rates remain steady. Average asking rentals rates are hovering around $22.00 per square foot (PSF) overall, an encouraging sign for landlords. Building sales reached a record high this past quarter with over 2.5 million square feet (MSF) sold, the largest recorded sales volume in a quarter, beating 2.3 MSF sold in Q2 2015.


Landlords hope to see the market shift in their favor soon. Large office users continue to weigh their options and physical office needs. With 1.1 MSF under construction, more inventory will be added to the market over the next one to two years. Two new buildings totaling approximately 500,000 SF are on track for completion this year in the Clayton submarket with only 58% of this space pre-leased.  



2Q22 SiteCore

2022 Q2 Office St Louis Report Colliers

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Related Experts

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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