Some Bull With The Bear

Notwithstanding a challenging national and regional economy, the prognosis for real estate in the St. Louis region is cautiously optimistic, especially in comparison to seriously overbuilt and consequently now deteriorating markets in the New York metropolitan area and other regions. That was the theme as Colliers Turley Martin Tucker (CTMT) presented "The State of Real Estate St. Louis 2009" last Thursday evening.

Dean Mueller, CTMT's managing principal, served as emcee for the upbeat presentations by the firm's leading office, industrial, retail and investment brokers. Despite the current national economic downturn, St. Louis office and industrial markets performed remarkably well in 2008, the presenters noted. Absorption was positive for both property types and vacancy rates ended the year lower than where they began, whereas office and industrial markets for the U.S. as a whole posted negative absorption and rising vacancy rates.

Although the St. Louis region cannot expect to escape the economic recession's consequences completely in 2009, the effects on office and industrial markets will likely be subdued when compared to the U.S., presenters predicted. And, they projected, if past trends are any indication then St. Louis will maintain its reputation for having less severe market swings than the U.S. overall.