St. Louis industrial market doing well
February 05, 2015 5:32 pm • By Tim Bryant
Happy days are here again, at least when considering the St. Louis-area's industrial market.
About 2.3 million square feet of industrial space is under construction, according to officials of DTZ, the commercial real estate company that held its annual State of Real Estate event today. An additional 120,000 square feet of industrial construction is set to get underway in the first quarter of 2015, said officials at DTZ, formerly Cassidy Turley.
The area's office market also is doing well.
A surge in the number of large deals late last year produced positive absorption in 2014 of 680,000 square feet of space. Absorption is real estate lingo for the change in occupied office space over a given time.
As for 2015, DTZ officials see the possibility of build-to-suit projects for large tenants. The forecast includes the possibility of record-high rents for office space in the Clayton and west St. Louis County submarkets.
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