Market-wide vacancy rose 40 bps during Q4 2020 to 12.9% on negative net absorption of 336,139 sq. ft.
St. Louis Metro unemployment averaged 4.9% (seasonally adjusted) as of November 2020, a decrease of 680 bps compared to peak unemployment in April 2020 (11.7%). The U.S. unemployment rate averaged 6.7% as of November 2020, 180 bps higher compared to the St. Louis average.
785,750 sq. ft. of new office space remained under construction at the end of Q4 2020. Of that total, 82% represents new speculative office space for the market, with the remaining 18% representing build-to-suit space.