Monday, April 27, 2009

Office Market Stats

CB Richard Ellis released its office market statistics for the first quarter 09, which revealed the following for the downtown submarket:

Class A
  • 5,308, 638 Gross building sf
  • 22.0% Vacancy rate
  • 5,664 sf YTD net absorption
  • $18.47 Average asking lease rate
In comparison, the Class A rates for the Mid-County (Clayton) and West County submarkets are $28.60 and $23.77, respectively.

Class B

  • 5,629, 696 Gross building sf
  • 22.6% Vacancy rate
  • 33,885 sf YTD net absorption
  • $15.42 Average asking lease rate
The going rates for Class B space in Mid-County and West County are $21.56 and $18.78, respectively.  This means that, on average, office tenants can lease Class A space downtown for less than Class B space in suburban submarkets.

Class C

  • 2,372,200 Gross building sf
  • 25.2% Vacancy rate
  • (68,430) sf YTD net absorption
  • $12.40 Average asking lease rate
I'd be interested to know what contributed to the negative absorption figure in the Class C market.

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