Types of retail propertiesIn the Greater St. Louis metro area, you’ll discover that a wide variety of retail properties are right within your reach. Here are some of the most common types of retail real estate available in the region.
- Mixed-use – As its name implies, mixed-use developments serve dual or even multiple purposes. It’s common for mixed-use developments in the country to come in the form of a property that offers retail/office spaces and multi-family residences.
- Malls – Malls are typically enclosed properties, with retail spaces under a roof, although nowadays outdoor shopping centers are becoming more popular. Malls are often multitenant properties, with a large percentage of tenants being apparel brands. Restaurants and service operators can also be found in malls, as well as entertainment areas such as movie theaters and game centers.
- Community centers – Often referred to as strip malls, community centers are considerably smaller than malls and are located in quieter and even predominantly residential areas. Community and neighborhood centers often have a grocery store as the anchor, with specialty shops, retailers, and services located around it.
- Power center – Power centers are sprawling properties, often the home of specialty chains, discounters, as well as home improvement warehouses such as The Home Depot. This type of property often has a footprint of 200,000 square feet or more.
Retail real estate snapshotSt. Louis Metro’s retail real estate has remained relatively stable over the past couple of months. Its most notable achievement is the decrease in vacancy rate. From 5.2 percent in the second quarter of 2017, it dropped to 5 percent. Here are the other notable feats during the 3rd quarter of 2017, as reported by CoStar Group:
- Retail net absorption in St. Louis was positive, with 598,972 square feet absorbed– a significant feat, as retail net absorption during the preceding quarter was negative at 63,519 square feet.
- During 2017, overall vacancy rate decreased.
- Rental rates have been increasing over the past couple of months, with quoted rents for the 3rd quarter at $12.28 per square foot per year. This reflects a 2.77 percent year-on-year increase.
- Six new buildings, with a total footprint of 323,335 square feet, was added to the retail real estate during the 3rd quarter. This brings a total of 825,094 square feet of retail space added in the past four quarters.
- The Shoppes of Mid Rivers
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- 10700 Manchester Rd
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- 201 French St