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| Commercial Real Estate Press Release |
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APARTMENT MARKET IN ST. LOUIS FACES NEAR-TERM CHALLENGES
Stacey Corso, (925) 953-1716
Marcus & Millichap
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Thursday, November 05, 2009 -
ST. LOUIS, Mo., Nov. 5, 2009 — Several factors have contributed to softness in the St. Louis apartment market and are expected to continue to present operational challenges in the near term, according to a fourth-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm. A spike in construction has been met with weak demand caused by the slumping labor market.
“Transaction velocity has slowed in the St. Louis market, due primarily to reduced listings and increased buyer caution regarding weakened fundamentals,” says Stephen Maulden, regional manager of the St. Louis office of Marcus & Millichap.
Following are some of the most significant aspects of the St. Louis Apartment Research Report:
· Following the elimination of 18,700 positions last year, employers are expected to cut 43,000 jobs in 2009, an annual decline of 3.2 percent, led by significant weakness in the office-using segments.
· Developers are projected to complete 795 units in St. Louis this year, a 0.7 percent increase in inventory. In 2008, just 230 units were delivered.
· Renter demand is expected to remain weak through the coming quarters due to job losses and an increase in the number of alternative housing options. As such, vacancy is forecast to end 2009 at 9.6 percent, 180 basis points higher than last year.
· Owners will continue to curtail asking rents and expand incentives to counteract waning demand. Asking rents are expected to finish the year at $720 per month and effective rents will be $687 per month, decreases of 1.3 percent and 2.7 percent, respectively.
For a copy of the complete St. Louis Apartment Research Report, as well as reports on other markets nationwide, visit our website at www.MarcusMillichap.com.
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