Excitement in the Office Market

ST. LOUIS - Rezul -- The St. Louis office market is flourishing as we approach the end of the year. New construction deliveries are at a ten-year high, asking rental rates are at a historic high and vacancy rates are holding steady. While larger tenants are competing over a scarce number of Class A options, some large options do exist. Excitement is growing as construction activity booms in the St. Louis City submarkets. Meanwhile, Clayton delivered Centene Centre, its first new office tower in nine years (since Centene Plaza's completion in 2010).

The overall vacancy rate of the entire St. Louis market dropped to 13.03%, down slightly from 13.36% from this time last year. Several new spaces will soon be delivered, redistributing some local tenants from existing buildings into the new inventory. PwC is moving its downtown headquarters from the Bank of America Plaza to its new office at Ballpark Village. Centene's new Class A office tower in Clayton was competed this quarter. The 640,000 square foot (SF) building is fully leased and some tenants are expected to take occupancy before the end of the year. Centene's new building brings their local footprint to over 1.7 million square feet (MSF).

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