- Rents Over $6.00 PSF Becoming the New Normal
St. Louis’ Industrial overall asking rents ended Q1 2023 at $6.10 PSF, a 7.4% increase YOY.
- 3.1% Vacancy Rate
At the close of Q1 2023 the St. Louis industrial market had a 3.1% vacancy rate, well below the 10-year average of 5.4% (2013-2022).
- 23 Consecutive Quarters of Positive Absorption
The 313,178 SF of positive absorption in Q1 2023 was driven by 565,900 SF of construction deliveries and 702,941 SF of leasing activity.
- Under Construction: 1.8 MSF
After a record year of over 8.0 MSF of deliveries in 2022, there remains 1.8 MSF under construction.
- 2.9% Unemployment Rate in the St. Louis MSA
The unemployment rate for the St. Louis MSA was 60 basis points lower than the U.S. unemployment rate of 3.5% in Q1 2023.
Find out in our Five Fast Facts below or download the report.