St. Louis Industrial Figures Q2 2026

Absorption was marginally positive this quarter at 44,699 sq. ft., largely in balance due to large users migrating from existing second-generation assets to new built-to-suit assets.

Vacancy in St. Louis increased by 30 bps in Q2 finishing the quarter at 7.1%, a post-pandemic high. The increase in vacancy was largely driven by large users rightsizing and migration from second generation assets to modern bulk facilities.

The total average asking rate was $5.46 NNN at the close of Q2 2026, a decrease of $0.01 (0.18%) from the previous quarter. St. Louis asking rent remains below the cyclical high of $5.67 per sq. ft., recorded in Q2 2025. 

St. Louis industrial leasing activity in Q2 2026 totaled 1.61 million sq. ft. a decrease of 37.8% quarter-over-quarter.

The construction pipeline remains healthy in St. Louis with three built-to-suit deliveries totaling 733,000 sq. ft. and two new built-to-suit groundbreakings totaling 845,000 sq. ft. Maryland Heights Commerce Center 2 (369,000 sq. ft.) remains the only speculative asset under construction in the region.