2019-07-10_DTZ戴德梁行_Office_Q2_2019_St.Louis_4页_516kb

报告摘要

St. Louis Office Market Q2 2019 Summary

Core Content

The St. Louis office market in Q2 2019 demonstrated resilience and continued strong fundamentals, supported by a stable economy and active leasing activity. The overall vacancy rate remained below the long-term average, with net absorption showing positive growth. Key developments and trends across various submarkets highlight the market's adaptability and attractiveness for new tenants and investors.

Main Economic Indicators

St. Louis Employment: Increased by 20,000 jobs year-over-year, reaching 1,403,000, with a 9th consecutive quarter below 4.0% unemployment.
St. Louis Unemployment: Rose to 3.6%, still below the national average.
U.S. Unemployment: Declined to 3.6%, indicating a strong national economy.
Federal Reserve Policy: Suspended further rate hikes, signaling a cautious approach to economic conditions.

Market Overview

Overall Vacancy: 12.5%, marking the 14th consecutive quarter below the long-term average of 13.5%.
Net Absorption: 306,000 sf, showing positive absorption despite M&A activity.
Under Construction: 1.1M sf, with no change from Q2 2018.
Average Asking Rent: Increased to $19.95 psf/year, reflecting strong demand and market confidence.

Submarket Analysis

Submarket	Inventory (sf)	Sublet Vacant (sf)	Direct Vacant (sf)	Vacancy Rate	Net Absorption (sf)	YTD Net Absorption (sf)	Leasing Activity (sf)	Under Construction (sf)	Avg Asking Rent (All Classes)	Avg Asking Rent (Class A)
Downtown (CBD)	9,929,011	131,851	1,850,307	19.7%	-82,720	-59,333	240,322	120,000	$17.40	$19.22
St. Louis City	10,896,459	109,721	1,923,109	18.7%	-75,098	-70,193	338,322	491,408	$17.58	$19.39
Clayton	6,746,489	1,171	413,657	6.1%	-2,923	-32,431	178,704	604,508	$25.53	$29.80
Mid-County	2,122,478	0	111,121	5.2%	-3,071	-39,081	39,919	25,200	$18.24	N/A
West County	17,147,248	76,273	1,956,584	11.9%	331,803	186,884	447,612	0	$22.36	$26.28
North County	5,803,009	0	869,094	15.0%	36,074	-180,947	158,722	0	$17.27	$20.39
South County	2,682,052	3,551	214,762	8.1%	51,090	64,801	32,007	0	$21.44	$24.85
St. Charles	3,726,651	0	481,228	12.9%	-31,996	-11,657	66,221	0	$19.06	$20.76
St. Louis Total	49,124,386	190,716	5,969,555	12.5%	305,879	-82,624	1,261,507	1,121,116	$19.95	$22.51

Key Points

Market Resilience: Despite the China-United States trade war, the St. Louis economy showed resilience, with employment and low unemployment rates.
Positive Net Absorption: The overall office market saw net absorption of 306,000 sf in Q2 2019, driven by new leases and relocations.
Clayton Leadership: Clayton had the lowest vacancy rate (6.1%) and showed strong leasing activity, with major capital market transactions.
West County Growth: West County experienced a 2.0% increase in Class A asking rates, and new expansions in the bio-tech sector are expected to continue.
Submarket Trends: Suburban Class A occupancy exceeded 90.4%, indicating strong demand for high-quality office space.

Key Lease Transactions Q2 2019

Property	SF	Tenant	Transaction Type	Submarket
800 Market Street	98,672	Ameren Missouri	Sublease	Downtown
5555 Winghaven Blvd	73,840	Mastercard	Renewal	St. Charles I-64
3301 S. Rider Trail	67,518	US Bank	New Lease	Earth City

Key Sales Transactions Q2 2019

Property	SF	Seller/Buyer	Submarket
7701-7733 Forsyth Blvd	578,903	KBS Realty Advisors / Lingerfelt Commonwealth Partners	Clayton
9300 Dielman Ind. Dr.	65,000	Black Swan L.L.C / Pk Construction Building L.L.C	Westport
3420 S. Rider Trail	40,000	Rough Diamond Realty Fund / Mississippi Valley Regional Blood Center	Earth City

Outlook

New Deliveries: Projects such as Centene Plaza Building C, Offices at Ballpark Village, and the Crescent Building are expected to drive significant leasing activity, potentially totaling over 900,000 sf.
Opportunity Zones: Four downtown St. Louis tracts are among the top ten Opportunity Zones in Missouri, which could boost capital market activity through tax incentives.

Conclusion

The St. Louis office market remains strong and resilient, with low vacancy rates, positive net absorption, and continued investment in high-quality spaces. The presence of major tenants and developments, combined with favorable economic conditions and the potential impact of Opportunity Zones, positions the market for sustained growth in the remainder of 2019.

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