St. Louis 2026 U.S. Real Estate Market Outlook Midyear Review

Executive Summary 

Office

• Large-block demand is building in St. Louis as delayed real estate decisions convert into active searches for high-quality space
• Prime availability is critically constrained, concentrating competition in Clayton and driving spillover demand into West County
• Prime assets in Clayton are positioned to outperform, with rent trends expected to reflect the widening quality divide

Industrial

• Bulk leasing will regain momentum in the second half of 2026, supported by data center investment and returning large-user demand
• A new construction cycle is taking shape in proven submarkets, with shovel-ready developers positioned to respond to accelerating demand
• Rents holding steady in well-located bulk assets