How strong was the St. Louis industrial market during the third quarter of the year? Try historic.
According to the third-quarter report from Colliers International, the industrial vacancy rate for the St. Louis area fell to 5.84 percent in the quarter. That’s an all-time low.
That wasn’t the only record, either. Colliers reported that developers had 6.5 million square feet of industrial space under construction in the third quarter. That ranks as a record high, according to Colliers.
The sector’s other numbers didn’t exactly reach historic status, but they were still strong. Colliers reported that the St. Louis market saw 3.9 million square feet of industrial completions during the third quarter. And the market’s direct average asking rent hit a strong $4.29 a square foot during the quarter.
