St. Louis, Missouri Sees Retail Rent Growth Surpass National Average

Thanks to resilient consumers, the retail market in St. Louis has continued to tighten despite the headwinds of increased borrowing costs on loans and credit cards and high, though slowing, inflation. The market has seen positive absorption, the difference between move-ins and move-outs in seven consecutive quarters, as of the end of 2023. With tenant move-outs reaching a 10-year low at 3 million square feet for the year, annual net absorption has reached 1.2 million square feet, the highest level since 2016. St. Louis entered 2024 with near-record-low availability at just 5.4%, well below the five-year average of 7.0%.