As the end of the first quarter approaches, St. Louis’ industrial construction pipeline is just below 2.4 million square feet, representing 0.7% of the market inventory. This marks the lowest level since the first quarter of 2020 when 2.2 million square feet was under construction. This precedes the run-up in construction stimulated by the pandemic, which peaked at 8.9 million square feet at the end of 2021.