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Market Report

St. Louis Multifamily Market

3Q 2023

Corporate Expansions to Boost CBD Renter
Demand Long-Term and Warrant Construction

New units clustered in limited areas. In July 2023, Boeing Co. announced plans to invest $1.8 billion to expand its current operations and support new aerospace programs in north St. Louis. The expansion is expected to create 500 positions, and comes on top of the underway National Geospatial-Intelligence Agency headquarters. Corporate investments in the metro will help fuel future multifamily demand. Near-term, however, vacancy is expected to trend upward amid locally-high supply additions. The impact of new units is mostly concentrated in four submarkets: Central West End-Forest Park, Mid St. Louis County, St. Charles County and St. Louis City. These areas will be most vulnerable to vacancy increases this year.

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