Is demand strong for commercial real estate in St. Louis? Are investors looking for industrial and multifamily space here in which to sink their dollars? Are vacancy rates falling in retail strip centers? Are companies searching out Class-A office space?
The answers depend upon how you define the St. Louis area.
As with most major cities today, St. Louis’ downtown area is in flux. Development has slowed here, and far too much office space in the city’s center remains empty. Restaurants are closing early, and many never re-opened after COVID-19 shutdowns. Uncertainty reigns in downtown St. Louis.
But throughout the suburbs and the rest of the far-larger St. Louis County area? That’s different. Demand for industrial space throughout the county is soaring. Renters are flocking to multifamily buildings in walkable communities. Retailers are applying the strategies they embraced during the pandemic to keep the customers coming.
And investors? They see commercial real estate in St. Louis County as a safe bet for their dollars.
What is uncertain is how long this split between downtown St. Louis and its surrounding communities will remain. For that, the commercial real estate community – as is common today in many major cities – is firmly in wait-and-see mode.
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