Cushman and Wakefield research shows construction in the St. Louis industrial market continues to grow with over 1 million square feet (msf) of new inventory, bringing year-to-date deliveries to above 3.5 msf. Developers remain aggressive with strong tenant demand and healthy rent growth. Average asking rates increased to $4.96 per-square-foot, increasing $0.39 over the past six months.
The St. Louis office market recorded nearly 170,000 square feet (sf) positive net absorption. The Cortex Innovation District led activity with roughly 96,000 sf positive net absorption. The market’s 12.0% vacancy fell 30 basis points from last quarter, supporting strong rental income potential for investors.