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W W W. R E J O U R N A L S . C O M
NOVEMBER/DECEMBER 2022 VOLUME34
ISSUE6
CRE MARKETPLACE PAGE 29: ASSET/PROPERTY MANAGEMENT FIRMS
CONSTRUCTION COMPANIES/GENERAL CONTRACTORS MULTIFAMILY FINANCE FIRMS
How strong is the commercial real estate market in St. Louis? That depends on what you mean by ‘St. Louis’ By Dan Rafter, Editor
One Cardinal Way, a luxury apartment development in St. Louis’ Ballpark Village, is a draw for those renters who do want to live in the urban core of the city.
I
s demand strong for commercial real estate in St. Louis? Are investors looking for industrial and multifamily space here in which to sink their dollars? Are vacancy rates falling in retail strip centers? Are companies searching out Class-A office space?
The answers depend upon how you define the St. Louis area. As with most major cities today, St. Louis’ downtown area is in flux. Development has slowed here, and far too much office space in the city’s center remains empty. Restaurants are closing early, and many never
re-opened after COVID-19 shutdowns. Uncertainty reigns in downtown St. Louis. But throughout the suburbs and the rest of the far-larger St. Louis County area? That’s different. Demand for industrial space throughout the county is soaring. Renters are flocking to multifamily buildings in walkable communities. Retailers are applying the strategies they embraced during the pandemic to keep the customers coming. And investors? They see commercial real estate in St. ST. LOUIS (continued on page 14)
COMMERCIAL REAL ESTATE Emerging Trends in Real Estate Report: Commercial real estate enters its “new normal” period By Dan Rafter, Editor
A new normal. That’s what the COVID-19 pandemic has brought to the commercial real estate market, especially in the office and retail sectors. That’s the conclusion from the Emerging Trends in Real Estate 2023 report from the Urban Land Institute and PwC US. This report, released each year, includes proprietary data and insights from more than 2,000 real estate industry experts. And this year’s edition -- in little surprise -- focuses on the way the TRENDS (continued on page 18)