Office vacancy rates fell a bit in the second quarter in the St. Louis area, but the amount of space available for sublease grew, according to a new report out today from real estate brokerage CB Richard Ellis.

In all, nearly one-fifth of office space across the region was available (19.8 percent), up from 19 percent in the first quarter. The vacancy rate fell to 15.3 percent from 15.5 percent in the first quarter, though it’s above the 14 percent range where it hovered for much of 2008. Rents on office space stayed stable, though CBRE notes that concessions, and in some cases, multiple months of free rent, have become more common as landlords try to keep tenants in place.

The Creve Couer/Westport area and Clayton markets continue to perform well, CBRE said, while vacancy spiked in South St. Louis County and remained high downtown.

The region’s industrial market fared worse in the quarter, as companies cut back and try to ride out the weak economy. The amount of space available jumped three-quarters of a percentage point, to 12.8 percent, and there were 925,000 square feet available for sublease. These high vacancy levels are driving down prices, and new construction has slowed almost to a halt. Leasing has especially slowed in Illinois, where larger users predominate, CBRE said.