Markets · St. Louis, MO–IL MSA · Core Market

Saint Louis Industrial Market Report

Bluebird CRE Research · As of 2026 Q1 · Data: CoStar Group, www.costar.com

A central-U.S. multimodal hub with the nation's second-largest inland port and two Class I railroads. Tight small-bay fundamentals and rents below the cost to build new — core to Bluebird's footprint in the Earth City / Riverport corridor.

5.4%
Vacancy
$7.42/SF
Asking Rent
$6.27/SF
NNN Rent
-2.9M SF
Net Absorption (12 mo)
4.1M SF
Under Construction
8.8%
Market Cap Rate

Asking Rent / SF

2016–2026

Now $7.42 · +3.5% YoY

Vacancy Rate

2016–2026

Now 5.4%

Net Absorption (12 mo)

2016–2026

Now -2.9M SF

Annual figures through 2026 Q1. Source: CoStar Group, www.costar.com.

Bluebird-owned industrial property in Saint Louis, MO
Bluebird-owned in this market

4061 Wedgeway Court · Earth City, MO · 43,426 SF

Market overview

As of 2026 Q1, Saint Louis industrial vacancy stands at 5.4% with asking rents near $7.42/SF. The market absorbed -2.9M SF over the trailing year, and investment sale pricing implies roughly a 8.8% cap rate. Those are the figures that frame how we underwrite here.

Bluebird's read

A central-U.S. multimodal hub with the nation's second-largest inland port and two Class I railroads. Tight small-bay fundamentals and rents below the cost to build new — core to Bluebird's footprint in the Earth City / Riverport corridor. Bluebird targets functional small-bay and IOS product here at a basis below replacement cost, with leasing and mark-to-market as the value-add levers.

Economy

Population
2.8M
Total employment
1.4M
Industrial employment
193,886
Median HH income
$84,188

Key submarkets

  • • Earth City / Riverport — a Missouri River-adjacent distribution park along I-70, one of the region's largest concentrations of big-box and small-bay warehouse space.
  • • Hazelwood / I-270 — anchored by Boeing's north St. Louis County defense campus near Lambert International Airport, with a deep aerospace-supplier base nearby.
  • • Edwardsville (Metro East) — an Illinois-side corridor along I-255/I-270 in Madison County with Class I rail access via BNSF and Norfolk Southern.
  • • Westport — a Maryland Heights office/flex district off I-270, home to World Wide Technology's corporate campus.

Representative tenants

  • • Boeing Defense — builds the F-15EX and F/A-18 Super Hornet at its Hazelwood campus, sustaining supplier demand across the I-270 corridor.
  • • World Wide Technology — a Fortune 500 technology integrator headquartered in the Westport submarket, with regional distribution operations supporting its supply chain.
  • • Amazon — operates multiple fulfillment and last-mile delivery stations across the metro.
  • • GM (Wentzville) — GM's Wentzville Assembly Plant, west of the core metro, builds the Chevrolet Colorado, GMC Canyon, and Express/Savana vans, anchoring supplier demand along I-70.

Saint Louis insights

St. Louis Industrial Real Estate: Market Report

St. Louis industrial market: vacancy, rents, absorption, and why below-replacement small-bay product in the Earth City corridor stays mispriced.

Explore other markets

Kansas City, MO
5.8% vacancy · $7.37/SF
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6.5% vacancy · $8.41/SF
Indianapolis, IN
7.6% vacancy · $7.71/SF

Market data sourced from CoStar Group, www.costar.com (as of 2026 Q1); figures are point-in-time estimates and forecasts are not guarantees. Provided for informational purposes only and not an offer to sell securities. Past performance does not guarantee future results.

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