NAI Desco | St. Louis Commercial Real Estate Blog » Office

CJC Transport Leases Space in Maplewood

Ministry of Marketing — Mon, 12 Sep 2011 17:48:05 +0000

Matt Hirsch and Barry Iken of NAI DESCO recently completed the lease of 1,446 square feet of office space at 3155 Sutton Avenue in Maplewood, MO. The space was leased to to CJC Transport LLC. Hirsch and Iken represented the landlord, Franco, Inc.

MedNet Leases Space in University City, Mo.

Ministry of Marketing — Wed, 18 May 2011 11:07:05 +0000

David Gannon, Matthew Hirsch and Barry Iken of NAI DESCO recently assisted MedNet, Inc. in the lease of 5,065 square feet of office space at 8664 Olive in University City, Mo. MedNet, which specializes in medical billing, leased the space from Clayton Olive Joint Ventures.

NAI DESCO Quarterly Office Report Now Available

Ministry of Marketing — Thu, 27 Jan 2011 21:20:38 +0000

Overall, 2010 was a difficult year for office landlords. Sluggish demand placed downward pressure on rental rates and the limited pool of potential tenants were in a position to obtain lease concessions. Office tenants also faced a challenging year, wanting to reduce space if possible or avoid signing new long-term leases until the economy attained a greater degree of stability. Landlords and tenants reached a compromise with the “blend and extend” method, earning extended leases for landlords and rent concessions for tenants.

The office vacancy rate at the end of 2010 was 11.4%, showing a slight improvement over the 11.8% vacancy rate at the end of 2009. A bright note in the St. Louis market was Clayton’s ability to absorb most of the 485,000 SF Centene building with little change in the Clayton vacancy rate, indicating better market conditions for Class A space than in the overall office market.

Over the entire metro St. Louis market, asking rates at the end of 2010 were $18.65 compared to $18.35 at the end of 2009, suggesting the market may be starting to look brighter for landlords moving into 2011.

Click here to read our full St. Louis metro office report, featuring detailed submarket information and major transactions from the quarter.

St. Louis Market Review & Forecast

Ministry of Marketing — Mon, 13 Dec 2010 15:27:53 +0000

The following is an excerpt from Principal John Sheahan’s market review & forecast article featured in the December issue of the Heartland Real Estate Business magazine:

As evidenced by data from the Federal Reserve’s October 2010 Burgundy Book, the St. Louis market area has experienced a small but steady increase in economic activity through the latter portion of the year. The St. Louis area is aided in this respect by its diversification in sectors such as bioscience, information technology, financial services, transportation/distribution and high-tech manufacturing. Local market indicators mirror an overall national trend towards improvement in these areas.

After minimal shifts in the early portion of the year, the industrial market showed small but promising gains in net absorption through the third quarter of 2010. Less than 200,000 square feet of new space was delivered in the current year, a historic low, which aided in absorption gains. The majority of activity in the market was renewals rather than new leases; however, large leases were signed by Proctor and Gamble (502,500 square feet), Keefe Packaging (288,000 square feet) and LuxCo (213,558 square feet). Future development is hopeful for two former automotive plants — the 295-acre former Chrysler plant is being marketed for redevelopment in Fenton and the razed former Ford plant is being redeveloped into a business park in Hazelwood.

Read the full article at Heartland Real Estate Business.