by Dan Rafter
There’s plenty to brag about when it comes to St. Louis’ industrial real estate market. In fact, according to Cushman & Wakefield’s State of Real Estate St. Louis conference — held in late September — the St. Louis industrial market is enjoying a historic year.
Ed Lampitt, managing director with Cushman & Wakefield, said that there has never been more industrial space under construction in the St. Louis market at one time in the past 15 years.
According to Cushman & Wakefield, there is nearly 9 million square feet of industrial real estate under construction in the St. Louis market today. By the time the year ends, the St. Louis area should see industrial sales of more than $350 million.
There is now 5.8 million square feet of spec industrial space under construction or completed in the market and more than 3 million square feet in build-to-suits. Most of these new projects are located along the Interstate-70 corridor.
Cushman & Wakefield reported that the second quarter ended with an industrial vacancy rate of 7.3 percent in the St. Louis market, even with the completion of three speculative buildings.