Skip to main content

Market Report

St. Louis Retail Market Report

2024 Investment Forecast

Top-Performing Submarkets Expect Needed Supply;
Mixed-Use Assets Draw Buyer Attention

Influx of new stock is well-placed, enabling a vacancy decrease. St. Louis expects its largest delivery total since 2016 this year; however, metro vacancy will decline for the third straight period. At the onset of 2024, nearly all underway space was pre-leased, a positive sign for any project proposals that may break ground later in the year. Most new space is slated for submarkets with below-market vacancy. For instance, Central St. Louis County entered 2024 with a record-low, sub-2 percent rate and accounts for the largest volume of planned space this year. The Northeast Illinois and St. Charles County submarkets host the second and third largest pipelines, warranted by sub-4 percent vacancy. Retailer demand in these areas is unlikely to slow as companies like Energizer Holdings relocate offices to Clayton in Central County. Northeast Illinois houses Interstate 55 — a major travel route — and St. Charles County welcomes new attractions like a 100,000-square-foot Chicken N Pickle pickleball restaurant.
MM Texture Background