房地产 -2025年第四季度圣路易斯工业数据St. Louis Industrial Figures Q4 2025

CBRE

FIGURESIST.LOUISINDUSTRIALIQ42025

st.LouisIndustrialMarketEndstheyear

EffectivelyFlat

6.4%

vacancyRate

5.9%

Metrowest

vacancyRate

8.7%

MetroEast

vacancyRate

193,283v50,00o▲31MV$5.48

SFNetAbsorptionSFconstructionDeliveredSFunderconstructionNNN/YRDirectLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

SUMMARY

-Absorptionwaspositivethisquarter,buteffectivelyflatat193,283sqft.

Totalvacancydecreasedby10bpsto6.4%inQ4.vacancywasflatintheMetrowestat

5.9%,activitythisquarterwasdrivenbytheMarylandHeightsandstcharlescountysubmarkets.conversely,MetroEastdecreasedby40bpsto8.7%.

-overallavailabilityintheregionremainedflatat8.2%asactivityhasremainedmutedandtherehasbeenlittletonospeculativeconstructionin2025.

(0.5)

-Thetotalaverageaskingratewas$5.48NNNatthecloseofQ42025,down2.8%($0.20)quarteroverquarter.

-st.LouisindustrialleasingactivityinQ42025totaled2.5millionsq.ft,ledbytheMetroEastandstcharlescounty.

-Thedevelopmentpipelineinst.Louiscontinuestoprimarilyconsistofbuilttosuit,88%bySF.Thereiscurrentlyonlyonespeculativeassetinthepipeline,MarylandHeights

commercecenter1,whichbrokegroundinQ42025.

FIGURE1:HistoricalAbsorption,Deliveries,andvacancy

3.0

2.5

2.0

1.5

7

6

5

4

3

2

1

o

0.5

(1.5)

sq.Ft.millionsvacancy%

NetAbsorptionmmDeliveriesvacancyRate

source:CBREResearch,Q42025

FIGURES|ST.LOUISINDUSTRIAL|Q42025

2CBRERESEARCH©2026CBRE,INC.

AvailabilityRate

InQ42025thest.Louisindustrialmarketreportedatotalavailabilityrateof8.2%,unchangedquarter-overquarterandup140bpsyear-overyea「·Availablesubleasespacestoodat1.2%inQ42025,adecreaseof30bpsquarter-over-quarterandunchangedyear-over-year.

AskingRent

Averageaskingrentwas$5.48persq.ft.yearnetatthecloseofQ42025,down-2.8%($-0.16)quarter-overquarter,anddown2.1%,($0.12)year-overyear.Astherehasbeenlimitednewspeculativeproductdeliveredinthemarketinthepast24months,whatisremaininghasbeensubstantiallyleasedup.Asaresultofthatproductcomingoffthemarket,theoverallaverageaskingratecontinuestofallasoldergenerationproductremainsthebulkofwhatisavailableforleaseinst.Louis.

FIGURE2:AvailabilityRatesAvailabilityRate(%)

FIGURE3:Avg.DirectAskingRate(NNN/YR)

source:CBREResearch,Q42025

FIGURES|ST.LOUISINDUSTRIAL|Q42025

3CBRERESEARCH©2026CBRE,INC.

NetAbsorption

Netabsorptionwaspositive193,283sq.ftinQ42025,anincreasefromnegative1.1millionsq.ftinthepreviousquarter.2025annualnetabsorptiontotalednegative552,117sq.ft.

Thelargestmove-inscontributingtothepositivequarterwereAmazonoccupyingRivervalleyLogisticscenter2inMarylandHeights(357,056sq.ft),Thyssenkruppsupplyoccupyinga

subleaseatGatewayTradeport2intheMetroEast(325,994sq.ft.)andTrueFitnessoccupying1Glazerwayinst.charlescounty(254,458sq.ft.).

conversely,thequartersawnegativeabsorptionintheformofBenHurrvacating5319shreveAve.Downtown(362,874sq.ft.),GeodisvacatingconnectionscommercecenterintheMetroEast(111,061sq.ft.)andproductionsupportservicesvacating827koehInAveDowntown

(80,000sq.ft.)

constructionActivity

Thedevelopmentpipelineinst.Louiscontinuestoprimarilyconsistofbuilt-to-suitprojects,

88%bysq.ft.Thereiscurrentlyonlyonespeculativeassetinthepipeline,MarylandHeights

commercecenter1(369,534sq.ft.),whichbrokegroundthisquarter.MarylandHeights

commercecenter1isthefirstspeculativebuildingtobeginconstructioninst.LouissinceRiver

valleyLogisticscenter2(357,056sq.ft.)brokegroundinQ22024.

AllotherprojectswhichstartedinQ4werebuilt-to-suit.TheyincludedLKQcorporation'snewbuildingintheMetroEast(134,234sq.ft.)andsunBeltRentalsinNorthcounty(35,000sq.ft.).Itsislikelythatin2026wewillbegintoseedeveloperinterestinspeculativeprojectsincreaseasthesupplyofexistingmodernbulkproductdwindles.

FIGURE4:NetAbsorptionTrend

sq.Ft.millions

FIGURE5:constructionActivitysq.Ft.millions

FIGURES|ST.LOUISINDUSTRIAL|Q42025

4CBRERESEARCH©2026CBRE,INC.

LeasingActivity

Leasingactivityinthest.LouisindustrialinQ42025totaled2.5millionsq.ftleased.Thelargestnewdealsthatdroveleasingactivityinthethirdquarterweretheunilever'srenewalat9

GatewaycommercecenterDrEintheMetroEast(513,474sq.ft.),Thyssenkruppsupply

chain'ssubleaseatGatewayTradeport2intheMetroEast(325,994sq.ft.)andTrueFitness'newleaseat1Glazerwayinstcharlescounty(254,458sq.ft.)

TheMetroEastledthemarketinleasingvelocityduringQ4primarilydrivenbyunilever's

513,000sq.ft.renewal.stcharlescountycameinsecondwithTrueFitness'(254,458sq.ft.)at1GlazerwaybeingthelargesttransactioninthatsubmarketfollowedbyADSLogisticsrenewingat21-31commercecenterDr.(101,341sq.ft).

Tenantsq.Ft.LeasedTransactionTypeAddresssubmarket

westcounty3,081

287,045

FIGURE7:LeasingActivitybysubmarketLeasesosq.ft.andup

FIGURE6:LeasingActivityTrendLeasesosq.ft.andupsq.Ft.millions

FIGURE8:keyLeaseTransactions

Fenton28,800

unileverNorthAmericasupply

9Gatewaycommercecenter

DrE

513,474

Renewal

MetroEast

Downtown61,646

Thyssenkruppsupply

chain

1201Tradeportpkwy

MetroEast

325,994

NewLease

westport80,720

TrueFitness

254,458

NewLease

1Glazerway

saintcharlescounty

AITworldwideLogistics

228,255

NewLease

13201-13213corporateExchangeDr

Earthcity

GraybarElectriccompany

216,200

Renewal

62026222AviatorDr

Northcounty

CLsmithco.

194,615

NewLease

15712westportcommerceDr

MarylandHeights

ADSLogistics

101,341

Renewal

21-31commerceDr

saintcharlescounty

MCCManufacturing,Inc.c/OMulti-color

87,500

Renewal

6880HeegeRd

southcounty

southcounty

centralcounty

MarylandHeightsEarthcity

Northcounty

saintcharlescountyMetroEast

88,733

99,353

194,615

350,895

440,904

839,468

5HorizonsGroup74,219Renewal1142511445MoogDrwestport

uspack

source:CBREResearch,Q42025

source:CBREResearch,Q42025

NewLease

6202-6222AviatorDrNorthcounty

FIGURES|ST.LOUISINDUSTRIAL|Q42025

5CBRERESEARCH©2026CBRE,INC.

Marketstatisticsbysize

NetRentableArea

Totalvacancy

TotalAvailability

Avg.DirectAsking

DirectAvailabilitysubleaseAvailabilityRate(NNNYR)

currentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

underconstruction

under100,000sq.ft.

61,474,855

2.7

3.50.47.83

(154,353)(328,420)

185,451

100,000-199,999sq.ft.

42,785,287

6.3

5.82.05.97

(74,642)(946,109)

200,000-299,999sq,.ft.

24,763,689

9.70.85.49

200,258(606,091)

300,000499,999sq.ft.

30,579,371

10.4

8.81.64.90

(103,974)172,269

500,000749,999sq,.ft.

16,678,631

15.3

10.64.74.76

325,9941,068,834

544,672

750,000sq.ft.

36,058,898

9.3

9.20.1443

087,400

1,912,000

Total

212,340,731

8,2

7.01.25,48

193,283(552,117)

3,145,891

MarketstatisticsbyproductType

NetRentableArea

Avg.DirectAsking

DirectAvailabilitysubleaseAvailabilityRate(NNN/YR)

currentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

underconstruction

Distribution/Logistics

164,928,304

7.41.55.49

585,559140,805

2,075,685

Manufacturing

36,887,264

5.20.04.60

(401,283)(795,047)

R&D/Flex

10,412,663

5.90.58.71

102,125

otherIndustrial

112,500

Total

212,340,731

7.01.25,4.8

193,283(552,117)

3,145,891

Marketstatisticsbyclass

NetRentableArea

Totalvacancy

Avg.DirectAsking

DirectAvailabilitysubleaseAvailabilityRate(NNN/YR)

currentQuarterNet

AbsorptionYTDNetAbsorption

underconstruction

classA

29,077,563

5.54.55.54

357,0562,462,541

1,442,779

AllotherBuildings

183,263,168

7.20.75.48

(163,773)(3,014,658)

1,703,112

Total

212,340,731

7.01.25,48

193,283(552,117)

50,000

3,145,891

FIGURES|ST.LOUISINDUSTRIAL|Q42025

6CBRERESEARCH©2026CBRE,INC.

Marketstatisticsbysubmarket

currentQuarterNet

Avg.DirectAsking

AbsorptionYTDNetAbsorption

(126,348)(129,088)

Deliveries

underconstruction

NetRentableAreaTotalvacancyTotalAvailabilityDirectAvailabilitysubleaseAvailabilityRate(NNN/YR)

centralcounty15,524,4082.23.92.21.88.51

Downtown

44,717,293

4.89

(468,772)

(1,003,743)

Earthcity

19,335,563

5.15

(65,064)

(793,205)

Fenton

8,362,527

9.3

(23,000)

(338,136)

MarylandHeights

3,944,144

6.5

357,056

671,474

MetroEast

37,065,666

130,842

654,325

Northcounty

34,221,318

2.3

(50,840)

160,833

saintcharlescounty

27,275,956

3.4

333,589

341,226

southcounty

5,811,895

1.2

3.3

3.2

(30,000)

6,503

westcounty

5,642,282

1.4

3.8

3.5

76,352

46,012

westport

10,439,679

2.9

4.9

59,468

(168,318)

Total

212,340,731

6.4

8.2

5.48

193,283

(552,117)

3,145,891

FIGURES|ST.LOUISINDUSTRIAL|Q42025

MarketAreaoverview

Definitions

Total

Availablesq.Ft.dividedbythetotalbuildingArea.AverageAskingLeaseRate:Acalculatedaveragethatincludesnetandgrossleaserate,weightedbytheircorrespondingavailable