Q1 2021 Market Report

As the distribution of Covid-19 vaccines expands, there is growing optimism as workers
return to work, but many companies are proceeding with caution and taking a phased
approach. Despite this transition, asking rates for office space remain stable as tenants
began making longer term commitments despite some interim uncertainty about their final
space needs and projected “flex” work environment.

The effects of Covid-19 are becoming very evident as many corporate office buildings/
campuses are now on the market, including Enterprise’s 246,000 SF IT Campus in St.
Charles County being offered for sale, Cigna placing a 227,000 SF building for lease in
Berkeley, MO and Caleres’ recent announcement to sell its entire Clayton campus.
Overall, the office market remains challenged, especially in the St. Louis central business
district despite such large-scale projects like the National Geospatial Agency facility and the
new MLS stadium changing the landscape....