If you’re looking for the next best place to invest commercial property, look no further than the Greater St. Louis metropolitan statistical area. Read on to learn more about the community itself, the commercial real estate in the area, and why your business will thrive in this city.
Dubbed as the “Gateway to the West,” the Greater St. Louis MSA occupies a total area of approximately 8,458 square miles, occupying portions of Missouri and Illinois. Right at its heart is the independent port city of St. Louis, MO. This sprawling MSA is considered as the largest metropolitan area in Missouri and the second in Illinois. Collectively, the Greater St. Louis MSA is home to a population of roughly 2.81 million residents. St. Louis serves as its principal city.
Post-recession growth in the Greater St. Louis MSA has been rather interesting. Although the MSA saw the creation of nearly 20,000 jobs 18 months after the Great Recession, growth in MSA came to a halt in 2011. Based on data, the Illinois parts of the MSA struggled the most, with job losses occurring here and there. But that’s all a thing of the past. Today, the Greater St. Louis MSA is enjoying a robust economy. The region is home to several Fortune 500 companies, which will be detailed in the “Business” section of this page.
The Greater St. Louis MSA is home to 16 counties. That means a diverse collection of neighborhoods and a wealth of commercial investment opportunities. Of the seven submarkets that the Greater St. Louis MSA covers, Downtown St. Louis is considered the hottest commercial real estate market in the whole region.
Commercial real estate available in the Greater St. Louis MSA include the following:
- Office: To date, the Greater St. Louis MSA is home to around 132 million square feet of office space, with portion of the office space available classified under the Class A category. It’s no wonder plenty of companies, from Fortune 500 enterprises to small and independent business choose to open offices in the Greater St. Louis MSA.
- Industrial: Industrial properties in the Greater St. Louis MSA is plentiful, offering over 235 million square feet under roof, 223 million square feet of which is for non-manufacturing and multi-tenant use.
- Retail: The retail real estate market in the Greater St. Louis MSA is composed of approximately 8.8 million square feet of retail space, with a vacancy rate of 5 percent as of the 3rd quarter of 2017.
- Multifamily: More people are moving to the region, increasing the demand for urban housing developments. This is where the Greater St. Louis MSA’s multifamily real estate market steps in.
The Gateway to the West is home to favorable business climates, making it a great destination for commercial real estate investors and businesses. Nine Fortune 500 companies have already spread roots in the region, such as Monsanto, Peabody Energy, Express Scripts, Charter Communications, and Emerson Electric.
The largest industries in the MSA, which employ a big part of the local workforce (that totals around 1.39 million people) are as follows:
- Healthcare and social assistance
- Retail trade
- Trade, transportation, and utilities
Meanwhile, the highest paying industries in the region include mining, quarrying, oil and gas extraction, utilities, and management of companies and enterprises.
Learn why Greater St. Louis is the best place for your next commercial property investment
Browse the website or contact Cardinal Realty Group today at 636-225-0385 or info(at)cardinalrealtygroup(dotted)com.