Insights
Illinois
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Apartment
The average Vacancy Rate was 5.3% in the Chicago metro
- Vacancy in the Chicago metro drifted upward by 10 basis points.
- The Chicago metro had the highest vacancy level since Q1 2022.
- Vacancy is expected to finish 2024 at 5.3% in the Chicago metro.
Distribution / Warehousing
The average Vacancy Rate was 5.7% in the Chicago metro
- Vacancy in the Chicago metro drifted upward by 10 basis points.
- The Chicago metro had the highest vacancy level since Q1 2022.
- Vacancy is expected to finish 2024 at 5.6% in the Chicago metro.
Flex / R&D
The average Vacancy Rate was 5.8% in the Chicago metro
- Vacancy in the Chicago metro drifted downward by 20 basis points.
- The Chicago metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 5.8% in the Chicago metro.
Office
The average Vacancy Rate was 18.9% in the Chicago metro
- Vacancy in the Chicago metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 19.0% in the Chicago metro.
Retail
The average Vacancy Rate was 13.0% in the Chicago metro
- Vacancy in the Chicago metro drifted downward by 20 basis points.
- The Chicago metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 12.8% in the Chicago metro.
RENT
Apartment
The average Asking Rent was $1,860 in the Chicago metro
- Rent in the Chicago metro was up 0.5% from Q2 2024.
- Rent is expected to finish 2024 at $1,869 in the Chicago metro.
Distribution / Warehousing
The average Asking Rent was $6.77 in the Chicago metro
- Rent in the Chicago metro was up 0.9% from Q2 2024.
- Chicago metro had its fastest rent rate of increase in four quarters.
- Rent has risen in every quarter since Q2 2020 in the Chicago metro.
Flex / R&D
The average Asking Rent was $10.18 in the Chicago metro
- Rent in the Chicago metro was up 0.5% from Q2 2024.
- Rent is expected to finish 2024 at $10.28 in the Chicago metro.
Office
The average Asking Rent was $32.75 in the Chicago metro
- Rent in the Chicago metro was up 0.1% from Q2 2024.
- Rent is expected to finish 2024 at $32.87 in the Chicago metro.
Retail
The average Asking Rent was $21.07 in the Chicago metro
- Rent in the Chicago metro was up 0.4% from Q2 2024.
- Rent is expected to finish 2024 at $21.12 in the Chicago metro.
VACANCY
Apartment
The average Vacancy Rate was 5.8% in the St. Louis metro
- No vacancy change since Q2 2024 in the St. Louis metro.
- The St. Louis metro had the highest vacancy level since Q3 2012.
- Vacancy is expected to finish 2024 at 5.8% in the St. Louis metro.
Distribution / Warehousing
The average Vacancy Rate was 8.3% in the St. Louis metro
- Vacancy in the St. Louis metro drifted downward by 30 basis points.
- Vacancy is expected to finish 2024 at 8.2% in the St. Louis metro.
Flex / R&D
The average Vacancy Rate was 6.6% in the St. Louis metro
- Vacancy in the St. Louis metro drifted downward by 20 basis points.
- The St. Louis metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 6.5% in the St. Louis metro.
Office
The average Vacancy Rate was 24.0% in the St. Louis metro
- Vacancy in the St. Louis metro drifted upward by 10 basis points.
- The St. Louis metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 23.8% in the St. Louis metro.
Retail
The average Vacancy Rate was 13.4% in the St. Louis metro
- Vacancy in the St. Louis metro drifted downward by 40 basis points.
- The St. Louis metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 13.4% in the St. Louis metro.
RENT
Apartment
The average Asking Rent was $1,198 in the St. Louis metro
- The St. Louis metro had the fastest rent growth in the Midwest region, fifth most rapid in the nation.
- St. Louis metro had its fastest rent rate of increase in seven quarters.
- Rent is expected to finish 2024 at $1,204 in the St. Louis metro.
Distribution / Warehousing
The average Asking Rent was $5.38 in the St. Louis metro
- Rent in the St. Louis metro was up 0.6% from Q2 2024.
- Rent is expected to finish 2024 at $5.42 in the St. Louis metro.
Flex / R&D
The average Asking Rent was $8.84 in the St. Louis metro
- Rent in the St. Louis metro was up 0.3% from Q2 2024.
- Rent is expected to finish 2024 at $8.94 in the St. Louis metro.
Office
The average Asking Rent was $23.05 in the St. Louis metro
- The St. Louis metro remained flat rent since Q2 2024.
- Rent is expected to finish 2024 at $23.13 in the St. Louis metro.
Retail
The average Asking Rent was $16.11 in the St. Louis metro
- Rent in the St. Louis metro was down 0.1% from Q2 2024.
- Rent is expected to finish 2024 at $16.15 in the St. Louis metro.