St. Louis CRE market experiences slow growth

The St. Louis commercial market is slowly recovering.

Property management companies with interests in the St. Louis market likely did not see significant improvement in recovery conditions in recent months, though progress has been made.

The office market in the city is relatively stable, but asking rents haven't climbed in the past few months, Chris Fox, managing director of Cushman & Wakefield, explained during an event hosted by the Society of Industrial and Office Realtors, according to the St. Louis Post-Dispatch. The figure at the end of last year was slightly more than $19.20 per square foot.

Net absorption was also not overwhelming, as less than 300,000 square feet filled during 2012, Fox said, according to the news source. Vacancy rates for the city fell to 17 percent, but this was only marginally improved from the previous year's figure.

The high vacancy in St. Louis may continue to fall, as private, nonresidential construction fell during the first month of the year at the national level. The rate was $309.7 million in January, more than 5 percent lower than the previous month's figure, according to the Department of Commerce.

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