Record-low vacancy and soaring absorption numbers. Those are just two of the positives from Colliers‘ first-quarter St. Louis industrial report.
According to Colliers’ research, the overall industrial vacancy rate in the St. Louis market stood at 2.76% at the end of the first quarter. That is the lowest vacancy rate for this market that Colliers has recorded, and is yet more evidence that the industrial sector remains hot.
Absorption numbers were strong, too, with the St. Louis market seeing more than 1 million square feet of positive industrial absorption in the first quarter. Colliers says that this is the second consecutive quarter in which the St. Louis industrial market has seen more than 1 million square feet in absorption.
The Metro East submarket led the way with 498,245 square feet in positive absorption during the quarter. In fact, the Metro East and North County submarkets account for 84% of the industrial projects currently under construction in the St. Louis market.
Overall, the St. Louis industrial market has close to 8 million square feet under construction. That is a record for this market, numbers not seen since Colliers began tracking industrial construction. At least 4.5 million square feet of these projects will be complete in 2022, with most of the space arriving in the North County, 2.4 million square feet, and Metro East, 1.06 million square feet, submarkets.
