The construction scene in St. Louis is flourishing as cranes spring up across the region. This new activity is evidence of healthy office demand, despite a slight dip in some market indicators. The office market began 2019 with negative absorption, pushing the overall vacancy rate to up 13.5% from 12.8% one year ago. Asking rental rates continue to be strong. The average overall market rate has remained above $20.00 per square foot (PSF) since the third quarter of 2018.