A writer in the local daily newspaper recently characterized Downtown’s office market as “wretched.”
No analysis. No context. No facts.
Downtown has at least 16 million square feet of Class A and B office space north of I-40/64.
For perspective, that’s: Nearly a quarter of all the Class A and B office space in the entire region;
Nearly double the amount of Class A and B office space in each of Clayton, West County, and South County;
Nearly four times the amount of office space in St. Charles County.
According to EVS Realty, Downtown currently has a vacancy rate of 15.4 percent, while West County and Creve Coeur/Westport, each with far less Class A and B office space than Downtown, have vacancy rates of 18.4 percent and 16.6 percent.
Between the 4th quarter of 2004 and the 1st quarter of 2005, Downtown’s vacancy rate declined, while Clayton’s, Creve Coeur’s, South County’s and North County’s either remained the same or increased.
For HOK, Bryan Cave, Deloitte & Touche, Marsh/Mercer, and other major employers who recently renewed their leases, Downtown’s market is anything but wretched.