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Commercial Real Estate & Business Statistics

real estate

As of the end of 2010, the Creve Coeur-Olivette office market consisted of approximately 224 buildings totaling nearly 8.5 million square feet of space. The office sector had a vacancy rate of 12.6%, significantly lower than the St. Louis metro-area vacancy rate of 16.0%. The Creve Coeur market saw negative absorption of approximately 20,000 square feet in 2010. Absorption is defined as the change between companies moving into office space and firms moving out of office space.

The Creve Coeur office market is mostly made up of high-end “Class A” buildings (21 properties totaling 2.5 million square feet) and second-tier, slightly older “Class B” buildings (129 properties totaling 4.8 million square feet). The Class A buildings had a vacancy rate of 11.8% as of the end of 2010, up from 10.1% at the end of 2009, while the Class B buildings had a vacancy rate of 12.1% at the end of 2010, down slightly from 12.4% at the end of 2009.

Overall average leasing rates are just above $20.00 per square foot, similar to the St. Louis-area average. Class A buildings are asking about $26.59 per square foot on average, while Class B space is asking $18.65 per square foot.

Similar to the overall market, there is little to no new office construction taking place. The most recent new office delivery was 110,000 square feet on North Warson Road. Westminster Christian Academy recently completed the sale of its campus to the Ladue School District, as Westminster gets ready to move to a new location.

On a larger scale, Creve Coeur-Olivette is part of the West County submarket, which had an office vacancy rate of 10.7% in the fourth quarter of 2010, a rate lower than the St. Louis metro area average of 16.0%.

The West County submarket has about 16.5 million square feet of office space, making it the largest submarket in the metro area. With average asking rates of $22.90 per square foot for Class A space, it is also among the most expensive. The relatively low vacancy rate proves that companies are willing to pay a premium for the Creve Coeur address.

The Creve Coeur-Olivette industrial market consists of approximately 116 buildings totaling about 4.6 million square feet. The market has a vacancy rate of only 6%, again lower than the St. Louis average, and has stayed relatively steady over the last two years of economic upheaval. The average asking rate for industrial space is $4.19 per square foot.

From a business perspective, Creve Coeur is the home of a growing biotechnology sector that includes the Donald Danforth Plant Science Center and the Nidus Center for Scientific Enterprise, as well as being the world headquarters for Monsanto, a biotechnology company with more than 5,000 employees.The Olive Boulevard corridor has grown tremendously as retail space has increased on the western part of the corridor, with the addition of developments such as The Shops at Westgate. The eastern part of the road combines small businesses, green space and residential neighborhoods.

Creve Coeur’s downtown, or Central Business District, is a mix of retail, office, hotel and residential spaces, and has also grown, primarily through the expansion of the City Place development, which includes condos, retail and office space. The region’s largest luxury automobile dealership and medical offices also call the Central Business District home.

(Information for this section provided by CB Richard Ellis 314-655-6000).

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