- St. Louis welcomed a four tenths of a percent drop in it’s overall vacancy rate as Charter Communications absorbed nearly 75,000 SF of office space; leading to over 225,000 SF being taken off the market this quarter.
- Advisory Board experts indicated that there was a noticeable up tick in activity throughout the metro area. However, a gap still remains between tenant and landlord expectations regarding concessions. As a result, the negotiating period has lengthened causing deals to take longer to close.
- Lease terms are beginning to return to the more traditional three to five year terms. In addition, more and more tenants are beginning to inquire about renewing early in order to lengthen their term and lock in rates.
- Investment activity is expected to increase over the next six months as several stabilized are being positioned to be put on the market.
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