This article was published by Illinois Business Journal on May 20, 2024.
Among comparable markets in the Midwest, the St. Louis region currently has the highest square footage available for distribution space, with nearly 6 million square feet ready to be occupied at one of the lowest average asking rents. The trained workforce needed to support operations for those taking advantage of the available space also is present, with a higher number of production, and transportation and material moving workers in the St. Louis region than in several Midwest peer cities. Skilled workforce availability also is a recurring theme across four target industry sectors identified as key drivers of growth in the bi-state region.
The data is among the key information included in the St. Louis Regional Industrial Real Estate Market Indicators & Workforce Report released on May 17 by the St. Louis Regional Freightway as part of the annual FreightWeekSTL conference.
“The report emphasizes the significance of industrial sites and buildings in the freight and logistics supply chain and highlights the robust market fundamentals in the St. Louis region, along with its workforce strengths,” said Mary Lamie, executive vice president of Multimodal Enterprises for Bi-State Development and head of the St. Louis Regional Freightway. “It presents key construction and development trends and delves deeper into vibrant industry sectors thriving in this region supported by a world class freight network that continues to be enhanced.”
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