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Market Report

St. Louis Office Market Report

4Q 2023

St. Louis Claims Nationally-Low CBD Vacancy;
Minimal Construction Aids Fundamentals

Demand for space downtown mitigates vacancy swings. St. Louis boasted the lowest CBD vacancy rate among all major U.S. markets in June. The local rate of 8.7 percent is the second-lowest mark since at least 2007, aided by several companies recommitting to expand their downtown presence, including Greater St. Louis, Inc., Scale AI and Sandberg Phoenix. During the trailing 12 months ended in June, more than 1.4 million square feet of space was absorbed in the urban core, compressing the metro’s overall vacancy metric as St. Louis was the only major Midwest market to record a year-over-year rate decrease. Other major upcoming projects like the National Geospatial-Intelligence Agency (NGA) headquarters, slated for completion in 2024, are likely to supplement demand for office space from industry-related companies long-term.
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