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Commercial Real Estate and Business Statistics

As of July 2008, the Creve Coeur-Olivette office market consisted of approximately 140 buildings totaling nearly 3.5 million square feet of space.

The office sector had a vacancy rate of just 10 percent, significantly lower than the St. Louis metro area vacancy rate of 14.6 percent. The Creve Coeur market saw negative absorption of 4,781 square feet during the first half of 2008. 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 split nearly equally in terms of the number of buildings between “Class B” and “Class C” space, but the Class B buildings are on average larger, and make up for more than two-thirds of the 3.5 million square feet in the market. The Class B buildings, generally of a higher quality and newer in age than the Class C buildings, have a vacancy rate of only eight percent, while the Class C buildings have a vacancy rate of about 16 percent.

Overall average leasing rates are $15.87 per square foot, also below St. Louis-area averages. The Class B space, at $16.44 per square foot on average, is more expensive than the Class C space, which averages $14.92 per square foot to lease.

Current activity in the market includes a proposed 60,000-square-foot, Class A office building at 10360 Old Olive Street. On a larger scale, Creve Coeur-Olivette is part of the West County submarket, which had an office vacancy rate of just below 11 percent in the second quarter of 2008, a rate lower than the St. Louis metro area average of 14.6 percent. 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 $23.50 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 75 buildings totaling just more than two million square feet. The market has a vacancy rate of only nine percent, again lower than the St. Louis average. Industrial space rents at an average of $4.49 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 CityPlace 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 314-655-5920).